Posted To: Mortgage Rate Watch
Mortgage rates moved slightly lower today depending on the lender. Those who raised rates yesterday afternoon (most of them) were able to offer slightly better terms this morning. Lenders who held firm yesterday were forced to adjust rates higher this morning. In other words, there was some pain to be distributed due to yesterday’s bond market losses. Most took care of that yesterday while a few waited until this morning. Today’s economic data was sparse, but the most relevant report this morning proved helpful for rates. The Philadelphia Federal Reserve publishes a monthly business survey that market participants use to gauge the broader domestic economy. It undershot expectations by quite a bit, including those for the level of employment. This suggests the economy won’t necessarily stampede…(read more)
