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Mortgage Rates Bounce Back (Lower)

Posted To: Mortgage Rate Watch

Yesterday, we discussed the fact that many mortgage lenders got defensive ahead of election night uncertainty. In the mortgage world, when lenders get defensive, it means “higher rates.” This was blatantly obvious for a few lenders who raised rates by much more than the shift in underlying bond markets suggested (bonds are the primary building blocks that determine rates). Fortunately, the lenders that made the biggest NEGATIVE moves yesterday were generally the same lenders making the biggest positive moves today. That said, the strategies between lenders were widely varied. Some simply held things mostly steady both today and yesterday, or made only nominal changes. Others made more drastic changes. For example, several lenders were quoting conventional 30yr fixed rates that were 0.125% lower…(read more)

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