Mortgage rates moved lower last week. That said, rate sheets have been very stratified between lenders during the recent spat of volatility. In other words, even if two lenders were similarly-priced one day, they might not be the next. Compared to last Wednesday (highest rates for the week), Friday's rates are nearly an eighth of percent lower.
The improvement in bond markets (which underlie rates) was somewhat serendipitous in the sense that there was no overt motivation in terms of economic data or news headlines. That's not to say there were no big economic reports (indeed, the first reading of Quarter 1 GDP was released Friday morning)--just that they didn't elicit a big response in bonds.
Hoping to see the 10 year bond yield stay well below 3.00% this week!
Courtesy of Rick Lombardo 310.435.7439, Rick.Lombardo@grarate.com, VP of Mortgage Lending at Guaranteed Rate.
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