Rates Drop to New 14-Month Lows; More Equity, More Likely to Pay; Single MBS Release Date Set

Rates Drop to New 14-Month Lows; More Equity, More Likely to Pay; Single MBS Release Date Set

Mortgage rates dropped convincingly today, bringing them to new long-term lows. The average lender hasn't offered anything lower for more than a year (January 2018). The improvement came on a combination of news headlines, economic data, and the scheduled sale of US 10yr Treasury debt. The news headlines in question pertain to Brexit. To oversimplify a complicated topic, there had been some hope for a compromise Brexit deal overnight. Such a deal would ease some concerns about uncertain market outcomes. That uncertainty has helped keep rates lower , so clearing it up meant upward pressure on rates. As the day progressed, however, the compromise deal fell apart, and rates moved lower accordingly. Economic data also has an impact on rates. In this case, it was the Consumer Price Index (an inflation