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Mortgage Rates Still Trending Higher

Mortgage rates were higher again today, depending on the lender.  Some lenders had already adjusted yesterday's rate sheets for late day market weakness the followed the US/EU trade announcement (i.e. trade war averted).  Lenders who didn't adjust rates yesterday were simply left to do so this morning.  

Markets have worked through most of this week's big ticket events (the things that could influence the bonds that influence mortgage rates).  On 4 out of the past 4 days, we've seen the highest intraday bond yields move slightly higher.  This forms a negative trend that should keep mortgage seekers feeling defensive when it comes to locking vs floating--especially in light of the fact that this is the first noticeable trend in more than a month. 

In other words, rates were exceptionally sideways from June 27th through last Friday.  Now they look to be on the move and that move is unfriendly for fans of low rates.  While rates will eventually bounce lower, trying to time the bounce can be like trying to catch a falling knife.  

This Daily Mortgage Rate Update is provided in partnership with Mortgage News Daily.