Mortgage Rates Slightly Higher To Start The Week. More Volatility Ahead
Mortgage rates are fresh off their best week since at least July and their best winning streak (in terms of consecutive days moving lower) in well over a year. The price of admission happened to be the highest rates in more than 20 years, so the recent improvements were really nothing more than a balancing act.
The past 2 trading days (Friday and today) have helped reinforce that message. In other words the underlying bond market (which dictates mortgage rates) was simply de-escalating from a more panicked state as opposed to embarking on a new trend toward lower rates.
Any new trend toward lower rates will depend upon inflation and economic data. To a lesser extent, Fed policy changes can shape trends, but ultimately, if Fed policy is well understood to be a function of infl
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