Mortgage Rates Under Pressure

Mortgage rates remained under pressure today, moving up to the highest levels in two weeks.  Financial markets are in the process of undoing some of their defensive maneuvers ahead of this week's referendum vote on the U.K. exiting the European Union.  Last week we had all the moves that resulted in rates moving lower.  But, there has been a shift as of late yesterday that has shifted regarding the probable outcome of the referendum, which has resulted on rates moving higher.

There was no data today, but all speculation was making the movement head one way or another, it was all dependent on which poll you were following and who would you believe.

In summary, global markets continued their recovery from Brexit Anxiety today, and bond markets sold off again.  It is hardly surprising that these rate dips are fleeting, as we see the same pattern virtually every time rates hit multi-year lows.  Right now, the trend is not our friend – as it sure looks like the rates are rising than falling like they have had in the past several weeks.  Right now, it might be best to look at what the rates are today and consider locking tomorrow.