Mortgage rates moved lower for the second straight day after rising moderately on Friday and Monday. This brings the average lender to the second lowest levels in almost exactly 1 year. The only day with lower rates was January 31st, 2019 (last Thursday).
Yesterday was important in the sense that it helped make a case for a short-term ceiling in rates. All bets were off as to where we might see such a ceiling after a round of strong economic data on Friday (stronger data tends to push rates higher). Today is just as important as it confirms the resilience wasn't a fluke. Granted, things can change quickly when it comes to financial markets, but it's currently easiest to make a case for sideways momentum for the time being....(read more)