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Existing Sales Hit 10yr High in October; Distressed Sales at 9yr Low; Rates Fight to Build Ceiling

Existing Sales Hit 10yr High in October; Distressed Sales at 9yr Low; Rates Fight to Build Ceiling

Mortgage rates stayed mostly steady today, on average. For the record, that means some lenders were in slightly better shape versus yesterday's latest levels while others were in worse shape. This is always the case on days where rates remain unchanged on average, but the discrepancies can be larger than normal at the moment due to recent volatility. With it being a shortened holiday week (bond markets closed on Thursday and only nominally open on Friday), tomorrow is essentially the last day with meaningful market participation. While it seems that rate volatility has died down significantly for now, the more recent an episode of major volatility, the more susceptible rates can be to aftershocks . It could easily be the case that we see no such aftershock, but it's still a bit soon to trust
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