Dale Lawrence has another great mortgage update for us today!
“Mortgage Rates Regain Some GroundMarch 9, 2016
Mortgage rates moved lower yesterday, regaining a good amount of the ground lost over the past few days. The average lender rate sheet is back in line with those seen last Wednesday. While that leaves 3.75% as the most prevalent conventional 30yr fixed rate quote, it brings several of the more aggressive lenders back down 3.625% on top tier scenarios.
Bond markets (which underlie mortgage rate movement) were active yesterday, with strong gains in the morning resulting in several lenders offering mid-day improvements. Gains faded in the afternoon, prompting a few lenders to adjust rates slightly higher. There were no significant economic events to motivate yesterday’s rate movement. Rather, investors are shuffling their trading positions ahead Thursday’s important policy announcement from the European Central Bank. The improvements were a welcome sight, but in the current environment, we should hold out for more gains before abandoning a generally defensive strategy. Bottom line, there’s still a risk that the positivity is merely a byproduct of recent negativity, as opposed to an organic source of positive momentum.
Feel free to reach out if you have any mortgage needs, I am always available to help.”