Mortgage Rates Near 1-yr Lows, But Under Pressure

Mortgage Rates plummeted into the middle of the week and rose sharply to end it. All told, this Friday ended up being slightly better than last Friday, and that was the best day of the year up until that point! So in that context, things are great for rates. The average lender is quoting conventional 30yr fixed rates around 3.625% --only about a quarter point higher than all-time lows. If you want to freak out though, here you go: bounces like those seen on Friday CAN stand as reversal signals for markets. Stocks and oil bounced too. Both have been highly correlated with rate movement in 2016. The saving grace is that this could just be the market's way of weighing anchor ahead of a holiday weekend, but we won't know for sure until next week. To be clear, nothing about the big picture has changed.

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