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Mortgage Rates Lowest in More Than a Month; Construction Spending Increases; Prepays Nosedive, but Cash-Out Near 50%

Mortgage Rates Lowest in More Than a Month; Construction Spending Increases; Prepays Nosedive, but Cash-Out Near 50%

Mortgage rates fell fairly quickly today as investors adjusted bond market holdings for the new month (higher demand for bonds coincides with lower rates). Money managers have to hold a certain mix of bonds by the end of any given month and are then free to adjust holdings as the next month begins. This adjustment can often create some of its own momentum on the first day of any given month, but today saw more than normal. Most lenders are back to quoting conventional 30yr fixed rates of 4.125% on top tier scenarios. Last week, 4.25% was slightly more prevalent. That makes today's rates the lowest since February 24th, on average--just before the Fed began talking up its rate hike likelihood for the March meeting (resulting in a quick move higher for rates of all shapes and sizes). There are
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