Mortgage rates moved lower today, largely because they needed to get caught up with yesterday afternoon's movement in bond markets. As a reminder, mortgage rates are most directly affected by mortgage-backed-securities (MBS), which tend to move in the same direction as US Treasuries. Both MBS and Treasuries improved significantly after yesterday's Fed announcement, but lenders have been cautious in adjusting rate sheets to match market movements for a variety of reasons. When they saw markets were still in good shape when it came time to send out this morning's rate sheets, lenders had a bit more love to share. As such, we find ourselves well into the lowest rates in more than three years , even if the pace of improvement is lagging the drop in US Treasury rates. For what it's worth, 2016's
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