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Finally, Stronger Housing Data; Mortgage Rates Stuck in The Mud; Fannie Underwriting Changes

Finally, Stronger Housing Data; Mortgage Rates Stuck in The Mud; Fannie Underwriting Changes

Mortgage rates were unchanged yet again , making this the third day in a row at essentially the same levels. Strikingly, underlying market movement was quite different compared to yesterday. It's striking because underlying market movement drives changes in mortgage rates above all else (outside times of crisis, anyway). Simply put, markets suggested rates should fall yesterday. They didn't. Then markets suggested rates should rise today. They didn't. What gives? It wouldn't be an oversimplification to say that mortgage lenders are slightly behind the curve when it comes to adjusting mortgage rates to match market movements. That's not always the case, but it it's the case this week. That means that yesterday's stronger bond market and today's weaker bond market were like 'offsetting penalties
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