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Rates Coast Into Extended Weekend; Wages and Inflation; Fed’s Impact on Mortgages

Rates Coast Into Extended Weekend; Wages and Inflation; Fed’s Impact on Mortgages

Mortgage rates didn't move much today. Lenders that made detectable adjustments generally did so in a moderately positive direction. While this isn't remotely enough to make a difference in the actual NOTE rate on a mortgage quote, it could make for microscopically lower upfront costs (thereby affecting the "effective" rate). As far as note rates are concerned, most lenders continue quoting conventional 30yr fixed rates in a range centered on 4.0%. In terms of economic data--something that typically moves bond markets (and thus rates)--there were two key reports this morning. The 1st revision of Q1 GDP was slightly stronger than expected, rising to 1.2% from 0.7% previously. A separate report, Durable Goods Orders, was also stronger than expected, but contained some internal components that
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