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Rates Stay Near Highs; How Domestic Migration Affects Mortgage Market; Big Bank Results

Rates Stay Near Highs; How Domestic Migration Affects Mortgage Market; Big Bank Results

Mortgage Rates remained near 4-month highs today, despite moderate improvement in underlying bond markets. The problem for most lenders was the timing of Friday's market movements. Bond yields spiked sharply on Friday afternoon--too late for most lenders to adjust rate sheets. Any lenders who did not 'reprice' on Friday were left to account for the market weakness today. As such, most lenders are right in line with their highest rate offerings in more than 4 months. In the bigger picture , rate markets are anxious. While it's a welcome development to see rates heading in the right direction during the course of any given day, we'd need to see sustained improvements before we could consider a shift in the longer term trend toward higher rates. Even then, Thursday's European Central Bank Announcement
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