Posted To: Mortgage Rate Watch

It’s no secret that mortgage rates had a rough month in March and a rough year in general. The average lender raised 30yr fixed rates by roughly half a percent in February and March alone. But April has proven to be an entirely different sort of month so far. In the past 2 weeks, rates are down nearly a quarter of a point on average. Today played a critical role in the improvement as lenders responded in waves to an exceptionally strong day for the underlying bond market (bonds are the primary driver of day-to-day rate fluctuations). One of the most interesting things about today’s move was that the bond market improved AFTER a slew of significantly stronger economic data. That’s interesting because the quintessential reaction function in the bond market is exactly the opposite! In other words…(read more)

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Published On: April 15, 2021 / Categories: Mortgage News /