First Big Bounce of 2016 for Mortgage Rates

So far in 2016, the theme has been "how low can rates go?" as we kept a watchful eye on the surprisingly steep selling in stock markets. Rates don't always follow equities, but when stocks are selling aggressively, the money needs somewhere to go and it often finds its way into bond markets (which pushes rates lower). We knew that the party would be over --at least temporarily--as soon as stocks found their footing. By the end of the week, not only did they find their footing, but they made a decent attempt to jump higher. Rates followed, but not in nearly as dramatic a fashion as you might expect. The average lender moved up to 3.875% after flirting with 3.75% on conventional 30yr fixed quotes for top tier scenarios.

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