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Mortgage Rates Little-Changed Despite Market Volatility

Mortgage rates stayed fairly close to yesterday's levels as underlying bond markets experienced some volatility throughout the course of the day.  If mortgage lenders were forced to create rate sheets earlier in the morning, things would have looked very good at around 6am this morning.  Financial markets were still reacting to yesterday's after-hours news of Gary Cohn's resignation.  This resulted in stocks and bond yields moving lower.

Markets were more willing to get back to business today, with stocks and bond yields ("rates") rising together at 9:30am.  By the end of the day, both had returned in line with yesterday's latest levels.  This not only leaves mortgage rates in roughly the same territory, but it also suggests the downtrend in stocks and rates that began in late Febraury is potentially over.  Mortgage borrowers should already be favoring locking vs floating in 2018, but today's trading reinforces that stance.

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