There are several big and intractable reasons for the general rise in rates, and none of them have changed. As such, investors in the bond market (which underlies rate movement) are understandably hesitant to make trades that push rates very much lower. They were already on the edge of their comfort zone when yesterday's tariff announcement forced rates even lower. We see that with that line having been crossed, buyers disappeared (bond buying pushes rates lower) and seller took over on Friday.
The net effect wasn't too terribly traumatic, but it mortgage lenders are nonetheless back in the same rate ballpark seen on Wednesday afternoon. For most, that means conventional 30yr fixed quotes of 4.5-4.625% for well-qualified borrowers.
Loan Originator Perspective
Bond markets regressed today, failing to hold recent gains yet again. Trade wars make goods more costly, and inflation's already been a market concern. Locking early remains the prudent path, rates are still trending upward. Ted Rood, Senior Originator
Today's Most Prevalent Rates
- 30YR FIXED - 4.5-4.625%
- FHA/VA - 4.375%
- 15 YEAR FIXED - 3.875%
- 5 YEAR ARMS - 3.5-3.75% depending on the lender
