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Rates Hold Despite Market Volatility; More Early Delinquencies; Cash Sales 9yr Low; FHA Updates

Rates Hold Despite Market Volatility; More Early Delinquencies; Cash Sales 9yr Low; FHA Updates

Mortgage rates were slightly higher today, but did a good job of holding their ground considering the volatile market conditions. Rates take their cues from the trading prices of mortgage-backed-securities (MBS), which tend to move in concert with US Treasuries. News of China's surprise rate cut sent Treasury yields much higher overnight and caused MBS to begin the day at a severe disadvantage. In fact, today saw the biggest movement in the underlying bond market of any day this week. It's a welcome surprise then, to see that lenders only adjusted rates modestly higher by comparison. In fact, the average lender is still offering the best rates of the week apart from yesterday. That puts it among the top 5 days for mortgage rates since April 2015. Not bad for a day that started off with apparent
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