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Mortgage Rates Continue to New November Lows

Mortgage Rates Continue to New November Lows

November 17, 2014

Mortgage rates moved moderately lower again today, setting another new low for the month of November.  That said, the movement has been primarily restricted to the upfront costs associated with the same old rates.  In other words, the most prevalent contract rates remain 4.0% or 4.125% for top tier borrowers, but the upfront costs for those rates are a bit lower than they were on Friday.

The bond markets that dictate mortgage rate movement were almost perfectly flat today after some volatility in the morning.  While we didn't end up seeing a meaningful attempt to get to stronger levels, simply holding Friday's ground is a positive change.  It contributes to a trend that is currently more sideways and supportive compared to the trend in the second half of October which was characterized by slow, steady weakness.

MORTGAGE RATES FOR NOVEMBER 12, 2014

Mortgage Rates Finish Higher After Starting Strong

November 12, 2014

Mortgage rates began the day lower, but not too far from Monday's latest levels.  As the day progressed, the bond markets that underlie rate movements grew progressively weaker.  Most lenders put out negative "reprices" meaning they stopped accepting locks and released new rate sheets with higher costs.  The afternoon's rate sheets were slightly worse than Monday's latest.  This keeps the most prevalently-quoted conforming 30yr fixed rate in limbo between 4.0 and 4.125% for top tier borrowers.

There were no significant calendar events conspiring to push rates higher today, which is both scary and hopeful.  It's scary because it can suggest an underlying, innate bias toward higher rates, but hopeful because there could be less conviction in that move compared to one that arises due to clearly-defined motivation.  As long as we're not breaking into new recent highs, there is still some hope that a broader shift toward lower rates (the tacit suggestion from Friday's high-conviction gains) will materialize. 

NOVEMBER 6 MORTGAGE RATE INFO

Mortgage Rates Stay Calm Ahead of Important Jobs Report

November 6, 2014

Mortgage rates didn't budge today.  Most lenders didn't adjust rate sheets enough to affect yesterday's loan quotes.  This is a fairly rare occurrence.  There's almost always at least some small adjustment in the closing cost side of the equation, even if the quoted contract rate is the same.  It goes without saying, then, that the most prevalently-quoted rates are exactly the same as yesterday.  That leaves a fairly even split between 4.0 and 4.125% on conforming 30yr fixed scenarios for top tier borrowers.
Markets expressed only a small amount of the potential volatility associated with this morning's events.  This places even more emphasis on tomorrow morning's Employment Situation Report, which is always the biggest potential market-mover of any given month in terms of scheduled economic reports.  As always, it can push rates significantly higher or lower, depending on how the actual result compares to the forecast.