Affordability Not a Concern Despite Ongoing Price Gains; Rates Quickly Down to 2 Week Lows
As of yesterday, it looked like mortgage rates would be more interested in staying in a narrow, sideways range for the holiday-shortened Spring Break/Good Friday trading week. Today, financial markets gave us a reminder about how much reality can differ from apparently probable outcomes. Fortunately, the surprises work in the favor of the mortgage market today as rates are sharply lower (at least in the context of the recent range, which has been extremely narrow). Bonds (which underlie rates) drew motivation from a combination of factors today. These included compulsory trades that had to be made by the end of the month, automatic trades made in response to certain lines in the sand, and safe-haven trades resulting from the massive losses in the stock market. The net effect for the average
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