Mortgage Rates Erase 2 Days of Weakness

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Mortgage rates trended lower over the past week, touching their lowest levels since the last few days of May, which themselves were the lowest rates since the middle of April. Mortgage rates have now given up about half of the increase they had seen since the middle of January. Incoming economic data – including inflation and retail sales numbers – were generally strong, which should have pushed rates higher.

The S&P 500 index dropped nearly 3% as the market erased all of its gains from a rally the day. rates on mortgages and other loans lower, which results in lower profits for banks. Citigroup sank.

If we take a look at the yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going), we can see that it’s up almost four basis points today. Mortgage rates typically move in the same direction as the 10-year yield, and so they’re dealing with some upward pressure this morning.

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Rates on 30-year mortgages fell for the second straight week, declining to the lowest level in more than a month. Freddie Mac, the mortgage company, reported Thursday that 30-year fixed-rate.

Posted To: Mortgage Rate WatchMortgage rates were unchanged again today, despite moderate weakness in underlying bond markets. Bonds are the primary.

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In this light, although we can see the 2 lines move a tiny bit closer together over the past 2 days, the broader gap is far from closed. and that bond market stability (or even modest Treasury.

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Mortgage and other rates on other loans will always be higher than the 10-year Treasury. They need to provide compensation to investors for a higher risk of default. Even if the 10-year Treasury rate falls to zero, mortgage interest rates would still be higher. After all, mortgage lenders have to cover processing costs.