Mortgage Rates Erase Some of Last Week’s Huge Improvement

Mortgage Rates Erase Some of Last Week’s Huge Improvement

In and of itself, today would rank among the handful of "worst days" of any given year in term of mortgage rate movement.  In other words, comparing today's rates to Friday's shows a big jump relative to the average day.  Specifically, most lenders are offering rates that are at least an eighth of a percent (.125%) higher versus Friday morning. All that having been said, this is a prime opportunity to "put things in perspective."  Here's how the rate index chart looks after today's "big" losses. In other words, the bond market retains much of what it gained last week.  These sorts of corrections are common in situations like this.  They don't tell us much about the future.  If anything, it's more of a confirmation that last week's drop was as big and impressive as it seemed at