Mortgage Rates Slightly Lower Last Week
Mortgage rates ended last week slightly lower compared to the previous Friday's levels. That's no small victory in 2018, despite the fact that it is a small victory in general.
The looming Fed announcement will be this coming Wednesday 11:00 AM PST. Oftentimes, bond markets (which underlie rates) don't want to move too far outside recent ranges when there's a risk the Fed may say or do something to redefine that range.
In the current case, the 10 year bond yield brought average rates to their best levels in roughly three weeks. Traders aren't eager to explore anything lower without the Fed's blessing. But at the same time, they also must consider that the Fed could say something HELPFUL for rates. For that reason, we didn't see any major challenge to the recent rate highs, thus keeping everything in a very narrow range. Look for that to change by the end of the week, for better or worse.
Courtesy of Rick Lombardo 310.435.7439, Rick.Lombardo@grarate.com, VP of Mortgage Lending at Guaranteed Rate.
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