Mortgage Rates Went on Another Roller Coaster Ride

Mortgage rates went on another roller coaster ride as the day started out promising but ended up worst after all the dust settled.  The most prevalently-quoted conforming 30yr fixed rate for top tier scenarios is more so towards the  4.125%,   but depending on various fees 4.00% still can be done.

There was no data today as the stock market continued to march higher while the bond and mortgage markets did not fare well today. Today was the 10yr note auction, and most are saying it was so-so.  Tomorrow we have the 30yr note auction.  The 10yr note started off alright but did inch upward to close at 2.37%, 4BPS higher than Monday’s close.

Ukraine fighting has re-emerged, but this time the markets are not in panic mode as they once were when it all started.  We will keep an eye on it but so far, unlike what we saw in markets a few months ago has not kicked in. More sanctions? More sanctions from the EU will fill the boat with more water for its economies.

In summary, for now, it appears to me that the risk of floating versus the potential of gains is neutral, and when that's the case, I typically lock and move on. Love to see a breakout to lower rates, but clearly it will take more motivation than we have seen recently.

Keep a strong look at the markets and continue to cautiously float if you do want to take a risk. Remember, if you want to know the benefits of locking your rate today versus floating, simply give me a call at 314-744-7806 or visit me on my website at www.CallTheMoneyMan.com.   I have access to real time Wall St. data and instant market alerts with breaking news that I monitor throughout the day to assist us on making the informed decision.