Posted To: Mortgage Rate Watch
Mortgage rates were already at all-time lows yesterday, and had been holding at those levels for at least 3 business days for the average lender. I normally tell people that mortgage lenders are hesitant to drop rates very aggressively when they’re already at all-time lows, and that’s always been the case.
At least it had been the case before coronavirus. Even then, the past 3 business days were making a similar case. Rates had bottomed out and the broader bond market (which ultimately drives mortgage rates) looked like it preferred a flat trajectory to one that continued to even deeper all-time lows.
The bonds that specifically underlie the mortgage market had other ideas . So far this week, they’ve improved much more noticeably than the bond market’s poster child the 10yr Treasury yield….(read more)
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