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Rates Hold 2017 Lows Despite Volatility; New Sales Nosedive Forecast; Freddie Changes Rental Income Guidelines

Rates Hold 2017 Lows Despite Volatility; New Sales Nosedive Forecast; Freddie Changes Rental Income Guidelines

Mortgage rates remained in line with 2017's lows today, despite noticeable improvement in underlying bond markets. Under normal circumstances, bond market improvement equates fairly directly with mortgage rate improvement, but things aren't exactly normal lately. On the simplest level, the timing of market movements over the past 2 days tells the story. The prices of mortgage-backed-securities (MBS) are right in line with those seen yesterday morning when most of yesterday's rate sheets came out. Bonds and MBS weakened yesterday, but not enough for most lenders to change rate sheets before the end of the day. In that sense, today's bond market strength allowed for lenders to keep rate sheets unchanged whereas rates would have been slightly higher had bonds been flat on the day. Tomorrow morning
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