Mortgage Rates Back Down to Last Week's Range

Posted To: Mortgage Rate Watch

Mortgage rates continued lower for a second straight day, ultimately making it back to levels not seen since last Tuesday. Today's improvements are partly an extension of yesterday's reaction to the Fed Announcement, but also acknowledge the end of this week's Treasury auction process. This often involves a slight artificial pressure toward higher yields beginning on Tuesday with the pressure being released after the week's last auction on Thursday afternoon. Mortgage rates aren't directly linked to Treasury yields, but they do tend to move in the same direction by roughly similar amounts each day. Case in point, at the highest recent levels, 10yr yields were up to 1.94% and are back to 1.83% currently. That's roughly the same round trip experienced by mortgage rates with several lenders moving...(read more)

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