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Rates Still Struggling; If Stressed, GSEs Would Need More $; Buying/Selling Attitudes Cool

Rates Still Struggling; If Stressed, GSEs Would Need More $; Buying/Selling Attitudes Cool

Mortgage rates moved microscopically lower today, keeping them in line with the best levels in more than a month. The caveat is that there really hasn't been much change during that time, so we're measuring very small differences in average upfront costs among multiple lenders. This may or may not translate directly to any given scenario, depending on the lender. Bond markets (which underlie mortgage rates) are having a hard time making improvements past several key levels. It's easiest to observe this inertia around 10yr Treasury yields of 2.22 and 2.25%. On the stronger few days seen at the end of last week, yields challenged 2.22%. So far this week, however, they've been unable to break below 2.25%. Rather than translate to an outright mortgage rate, this "resistance to improvement" in bonds
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