Mortgage Rate Update – The Fickle Nature of Artificial Stimulus
Bond prices fell this morning…and then fell even further after the Fed stopped its bond buying activities for the day early this afternoon. A pattern is emerging: rates fall to low levels for very brief windows before shifting higher again. Though the Fed is boosting bond prices to levels even more favorable than early March (when rates fell to historic lows), rates have not improved proportionally. The institutional lenders that actually set mortgage rates have been reluctant to sweeten rates but are very quick to make them worse when bond prices fall.
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NMLS# 374393. Vice President/Mortgage Banker at Paramount Bank NMLS 551907. Equal Housing Lender. FDIC Insured.