Posts Tagged ‘mortgage rates’

Although costs inched slightly higher today, the overall picture of this week in mortgage rates was finalized today and it doesn't look too bad.  In terms of costs, the secondary mortgage market is nearly one full percent higher than it was at the lowest points on Monday.   The day was uneventful and not the most informative in terms of market-based events or volume.  Losses looked more severe this morning, but by the end of the day, the secondary market had battled back to close out the week just slightly worse than yesterday's prices.

NEW GUIDANCE: Defensiveness paid off yesterday for anyone who saw rates as good enough to pull the trigger.  Some of the things leading to better rates yesterday were just not the kind of things we can count on steadily contributing to market movements.  Today is no different.  So guidance remains in favor of staying defensive (i.e. leaning towards locking and ready to do so at a moment's notice).  We're still waiting for "something more," and still not confident that we've begun a mortgage rate recovery.  With no economic data to inform the markets today and with a holiday on Monday, we'll have to wait until next week to find out if the generally positive trends seen this week will continue. 

Yesterday was one of those "GOOD NEWS/BAD NEWS" sorta days.

The good news was mortgage rates ended a damaging 5 day losing streak The bad news was the bleeding had only just stopped. We weren't recovering. Still, at the end of the day there was a positive perspective to be taken away. "Stop the bleeding" was a required pre-cursor to the "first real chance for notable improvements" that we hoped to see today.

Unfortunately those improvements did not come.  We got close but lost positive progress before the day was done. Lenders repriced for the worse. That erased yesterday's teeny-tiny bit of betterness (is that a word?).

This is a setback for those in need of a rapid turnaround in "Best Execution" mortgage rates. Not a major one. Not yet at least. We're still a few more bad days away from that major setback.

WHAT'S AT STAKE?

Potentially a move 0.25% to 0.375% higher in "Best Execution" Mortgage Rates.

We describe it as being on a ledge. Well it's gonna take at least one or two more good shoves before we're totally thrown over the ledge and rates jump another 0.25 to 0.375%.