Mortgage rates¬†continued higher¬†for the 2nd straight day after hitting the lowest levels in more than 7 months earlier this week. ¬†Wednesday's big move lower was a direct result of political headlines relating to potential wrongdoing in communications between Trump and former FBI Director Comey concerning the FBI's investigation into former National Security Advisor Flynn's communication with Russia. ¬†Specifically, financial markets perked up when a story broke suggesting that the House Oversight Committee could easily demand these records. ¬†The most widely-discussed implication (assuming wrongdoing were to be confirmed) was potential impeachment. ¬†Several lawmakers went so far as to make promises to that effect via twitter and other media....(read more)Forward this article via email:¬†¬†Send a copy of this story to someone you know that may want to read it.
Financial markets are still reeling from political headlines that first began circulating on Tuesday afternoon. While stock markets made a reasonable attempt to retrace yesterday's big move lower, bond markets weren't as interested. Fortunately, that means¬†mortgage rates¬†moved modestly higher, leaving them fairly close to yesterday's 7-month lows. ¬† ¬† On Tuesday morning, well-priced lenders were quoting conventional 30yr fixed rates of 4.0-4.125% on top tier scenarios. ¬†Over the past 2 days, the same scenarios were in the 3.875-4.0% range. ¬†An eighth of a percentage point is a big move for mortgage rates--especially in 2017 when the range hasn't been very much wider than a quarter point. ¬†It's the sort of improvement that provides strong incentive for risk-averse borrowers to lock....(read more)Forward this article via email:¬†¬†Send a copy of this story to someone you know that may want to read it.
Mortgage rates¬†surged significantly lower today, as a part of a broad-based market movement following a political scandal that began taking shape yesterday afternoon. ¬†You can choose your preferred media outlet to digest all of the details, but the issue surrounds communications between Trump, former FBI Director Comey, and the potential for the details of those communications to be demanded by House Oversight Chair Chaffetz. ¬†The most scandalous and sensational endgame to all of this would be potential impeachment--a fact you couldn't help but hear or see if you heard or saw any news anywhere today. ¬†...(read more)Forward this article via email:¬†¬†Send a copy of this story to someone you know that may want to read it.
Compared to yesterday, mortgage rates¬†are either a little bit higher or lower depending on the lender at the moment. ¬†On average, they've inched just past last Friday's levels, meaning they're the lowest in 2 weeks. As nice as that sounds, it's worth noting that we're really splitting hairs here. ¬†Most anyone pricing out a mortgage right now won't see any difference in their rate quote over the past few days. ¬†The biggest drop occurred last Friday and we haven't seen appreciable movement since then. ¬† Most lenders continue to quote conventional 30yr fixed rates in a range of 4.0-4.25% for top tier scenarios, with 4.125% being the most prevalent. ¬†4.0% is the runner-up and the laggards are still up at 4.25%....(read more)Forward this article via email:¬†¬†Send a copy of this story to someone you know that may want to read it.
Mortgage rates¬†were steady to slightly higher today, largely maintaining the improvements seen last week. ¬†Underlying financial markets were calm and very few lenders adjusted rate sheets during the day. Last week's gains happened all at once on Friday. ¬†They fully erased an entire week's worth of rising rates. ¬†That said, most of the movement in recent weeks has occurred in a very narrow range overall. ¬†The average borrower will have seen a quarter of a percentage point of movement at the most. When rates fell last Friday, we were looking to the current week in order to confirm the potential shift in momentum. ¬†...(read more)Forward this article via email:¬†¬†Send a copy of this story to someone you know that may want to read it.