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Mortgage Rates Still at 2017 Lows; Zillow Wins Suit; Disaster Updates

Mortgage Rates Still at 2017 Lows; Zillow Wins Suit; Disaster Updates

Mortgage rates held steady today, as the news cycle was dominated by Hurricane Harvey. That's not to say that natural disasters prevent movement in mortgage rates, but in today's case, there simply wasn't much else to talk about. An auction of 5yr Treasury notes helped bond markets improve slightly in the afternoon. When bonds improve, rates tend to move lower, but only a few lenders adjusted mortgage rates lower in the afternoon. The lack of movement continues to be just fine for the average borrower, considering rates are at their lowest levels since November 2016. The most prevalent conventional 30yr fixed rate for to tier scenarios remains 3.875%. The lock/float outlook has been similarly calm, with minimal consequences for poorly-timed floating or premature locking. This will change at
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