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Mortgage Rates Lower Despite Stock Rally; Home Prices Still Defying Predictions

Mortgage Rates Lower Despite Stock Rally; Home Prices Still Defying Predictions

Mortgage rates did something they haven't done all year today. They actually improved in the face of a stock rally. In fact, it was the third best day for stocks so far in 2016. The other 2 days resulted in noticeable moves higher for mortgage rates. The opposite was true today though there are a few caveats. The correlation between stocks and interest rates actually remained very much intact. Both were lower overnight, and rates simply moved higher much more slowly than stocks. The net effect was a bond market than held fairly flat versus moderate gains in stocks. Mortgage-backed-securities (which most directly affect mortgage rates) performed slightly better than Treasuries, allowing most lenders to offer improved rate sheets. The range of conventional 30yr fixed rate quotes on top tier scenarios
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