Mortgage Rates Continue to New 4-Month Lows
Mortgage Rates fell again
today, but at a gentler pace than yesterday, bringing them to new 4-month
lows. With no meaningful economic data to influence rates, the positive
momentum today was more of an epilogue to yesterday's main storyline. The
Conforming 30yr Fixed rate itself, remained at 4.125%, with the improvement
coming in the form of lower closing costs or higher lender credit, depending on
the scenario.
Interest rates
have clearly experienced an adjustment courtesy of jobs report, and the
magnitude of the move is in line with the magnitude of the "miss" (in
that we saw a good sized improvement in rates for a good-sized discrepancy
between the actual jobs numbers and expectations). From here, the remaining
economic data will offer fine-tuning adjustments, either helping the continue
the trend lower in rates, or suggesting a broader leveling-off process before
the next big jobs report (which is only two weeks away due to shut down-related
rescheduling).
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