Mortgage Rates Lower, but Under Some Pressure

Posted To: Mortgage Rate Watch

Mortgage rates moved lower this morning, more by way of catching up with yesterday's market movement than anything. Specifically, bond markets (which underlie interest rates) were very little changed this morning. Because mortgage lenders hadn't fully adjusted yesterday's rate sheets to reflect yesterday's strong move in bond markets, rates had a bit farther to fall. As such, most lenders began the day with the best rate sheet offerings of the year. Quite a few lenders ended the day at the best levels of the year as well, but more than a few made negative adjustments in the afternoon due to market volatility. At issue was an announcement that lawmakers were coming together to pass a disaster relief bill that included a temporary increase of the debt ceiling, thus allowing government operations...(read more)

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