Mortgage Rates Snap Higher...
Mortgage rates snapped back toward recent highs last week. Part of this had to do with how well rates have done over the past three weeks. Granted, rates haven't moved significantly lower over that time, but they've at least avoided moving significantly higher--something that couldn't be said for every other week in 2018.
There are several big and intractable reasons for the general rise in rates, and none of them have changed. As such, investors in the bond market (which underlies rate movement) are understandably hesitant to make trades that push rates very much lower. They were already on the edge of their comfort zone when Thursday’s tariff announcement forced rates even lower. With that line having been crossed, buyers disappeared (bond buying pushes rates lower) and sellers took over.
The net effect wasn't too terribly traumatic. For most, that means conventional 30 year fixed quotes of 4.375% to 4.625% for well-qualified borrowers.
Courtesy of Rick Lombardo 310.435.7439, Rick.Lombardo@grarate.com, VP of Mortgage Lending at Guaranteed Rate.
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