Mortgage Rates: Back to Best Levels of Year

Some stored energy was released today. Loan pricing improved. And now we're back to the best mortgage rate levels of the year. These positive developments follow a short period of stagnation where volatility in the secondary market kept us on the edge of our seats, but never really amounted to much on rate sheets. Loan pricing has actually drifted mostly sideways since setting new YTD lows on June 8th. We didn't really have to travel far to get here, but we're back again. In the chart of Consumer...

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Mortgage Rates: Headline News Dependent

Home loan borrowing costs are hovering near the best levels we've seen all year. Volatility has however picked up in the bond market. Just last Tuesday rate watchers experienced a scare where it looked like Best Execution quotes were doomed to move higher. Those anxieties were however quickly alleviated as a flight to safety rallied benchmark bonds back to their lowest yields in nearly 7-months. A "flight to safety" happens when investors are nervous about owning risky assets like stocks, but do...

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Mortgage Rates: Waiting for New Guidance

A scary setback early in the week had us on the edge of our seats but home loan borrowing costs managed to recover thanks to a "flight to safety" in the bond market. This helped mortgage rates end the week near the same levels they closed at last Friday. A "flight to safety" happens when investors are nervous about owning risky assets like stocks, but do not want to miss out on earning a return on their funds, so they allocate their money into risk-free government guaranteed U.S Treasury debt to...

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Mortgage Rates: Setback Survived. For Now...

After experiencing a scary setback earlier in the week, home loan borrowing costs improved again today as a "flight to safety" continued to benefit bond yields. A "flight to safety" happens when investors are nervous about owning risky assets like stocks, but do not want to miss out on earning a return on their funds, so they allocate their money into risk-free government guaranteed U.S Treasury debt to provide a safe-haven and an investment return. As benchmark Treasury yields fall on "flight to...

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Mortgage Rates: Bullet Dodged

Home loan borrowing costs took a beating yesterday. The bond market's behavior was so unfriendly that Best Execution mortgage rates nearly shifted higher as a result. The main motivation behind this unfavorable directional display was a significant rally in stocks. Although this market event didn't break any long-term positive trends, it was certainly scary enough to make one question the strength of those positive trends. Fortunately that skeptical stress was relieved today. Stocks erased all of...

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Mortgage Rates: Best Ex Under Pressure

The trend of increasing home loan borrowing costs that began last Thursday continued today. Best-Execution mortgage rates are on the verge of shifting higher as a result. We'd still describe this current weakness as the longer term rates rally taking a "breather" after two months of strong improvements. Perhaps it's more appropriate to say that the term "breather" still applies given the periodic pull-backs normally seen during extended rallies. Although recent losses don't necessarily break the...

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Mortgage Rates: Questioning the Rally

After finally managing to topple " The Wall ", the mortgage rate rally stalled and went sideways last week. We'd describe this pause as mortgage rates taking a "breather" in the wake of a 2-month rally. The sideways shuffle seen last week serves as a reminder of the threats faced by home loan borrowers when floating a loan on a short-term timeline. The market doesn't always act the way you'd expect it to and rallies don't last forever. Investors always end up finding a way to question positive progress...

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Mortgage Rates: See the Sideways Shuffle

After tearing down "The Wall" last Friday, the mortgage rate rally stalled and went sideways this week. We'd describe this pause as mortgage rates taking a "breather" in the wake of a 2-month rally. If you're looking for a deeper explanation, read THIS POST on "auction concessions". The sideways shuffle seen over the past five days serves as a reminder of the threats faced by home loan borrowers when floating a loan on a short-term timeline. The market doesn't always act the way you'd expect it to...

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Mortgage Rates: Rally Takes a Breather

Mortgage rate watchers were reminded once again today of the threats they face when floating a loan on a shortened timeline. Although consumer rate quotes were able to recover from early morning weakness, just like they did yesterday, home loan borrowing costs have failed to make positive progress since "The Wall" came crashing down last Friday. The positive big picture tone in the bond market has been put on pause. We believe this stubborn behavior is factor of "debt auction concessions". CURRENT...

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Mortgage Rates: Debt Auctions Slow Rally

"The Wall" was seen wavering last Wednesday, teetering in its most precarious position this year. But we needed more proof that it was ready to be toppled before declaring it had been torn down. That confirmation was granted by an unexpectedly weak Employment Situation Report on Friday. This data validated fears that the economy is not recovering at the pace previously thought. As a result, " The Wall " has fallen, paving a path for a potentially significant shift lower in home loan borrowing costs...

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