New Home Sales Tank; Mortgage Rates Back to 2017 Lows; Competition Pushes Looser Guidelines

Mortgage rates reversed yesterday's move today, falling back in line with recent lows--also the lowest levels since November 2016. At this time of year, the bond markets that underlie mortgage rates tend to move more serendipitously. That worked in our favor today, but it's not indicative of new resolve or meaningful underlying motivations. In other words, it's just the way the ball bounced. That "random walk" COULD pause over the next 2 days, to some extent. The Kansas City district of the Fed is hosting its annual Jackson Hole symposium and there will be several big-ticket speakers including Fed Chair Janet Yellen. While markets have a pretty good sense of where Yellen and the Fed stand, they're a bit more interested in the European Central Bank (ECB). ECB President Mario Draghi will also

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http://www.mortgagenewsdaily.com/reports/newsletter/2017/8/23/2953