Rates Fall For First Time in Over a Week

Posted To: Mortgage Rate WatchClosely following intraday moves for the bond market and mortgage rates means that seemingly insignificant time frames are actually important . For instance, it’s actually not too common for rates to make it more than 5 business days without falling at least once–even if only slightly. Thankfully, today’s modest drop in rates puts an end to just such a streak (rates hadn’t improved since last Monday). In a way, this improvement was almost ” owed ” to prospective mortgage borrowers considering yesterday’s counter-intuitive results (higher rates despite bond market gains). For a few moments this morning, it wasn’t entirely clear that we would see any improvement. Bonds initially balked at an inflation report released this morning ( spoiler alert: it’s still high), but were ultimately able to…(read more)Forward this article via email:¬†¬†Send a copy of this story to someone you know that may want to read it.