Mortgage Markets Took a Turn for the Worse Last Week

Are You Locked In Already?

Mortgage markets tanked last week, raising rates in Iowa to their highest levels in a month.

Most of the losses happened on Wednesday in what was the worst 1-day mortgage market performance in more than 6 months. Even Friday’s (respectable) rally could barely dent the losses. Most of the movement was tied to geopolitical concerns and worries of a ballooning federal debt load.

The best time to lock a conventional or FHA mortgage rate last week was Tuesday morning. If you missed your chance, don’t worry. Mortgage rates are like a roller coaster. Ups and downs. Please contact me so I can tell you when the roller coaster gives you another opportunity!

Specifically, What Did Those Reports Say?

Each week, I put up an economic calendar of news coming out that following week. Here’s the what actually happened with those reports last week:

What Impacts Mortgage Rates?

If you’re looking to purchase or refinance a home, it’s important to know what moves mortgage rates. There are normally two major things that impact the direction:

Economic News. (Like the calendar above).
International News. (major events, pending legislation, war related news, etc).
Stock Market. (Money flows from equities (stocks) to bonds when it seeks shelter).

What Are Rates Based On?

It’s been mentioned before, but as a common reminder – mortgage rates are only based on one thing, Mortgage Backed Securities (MBS). The only way you have access to these is through live bond quotes.

Looking For Mortgage Rates?

If you’re looking for specifically what mortgage rates are doing, I’d be happy to help with a custom rate quote. Each scenario is different (there are 27 different factors a mortgage rate is determined by). If you or someone you currently know are looking for a mortgage, I’m here to help!

Information without obligation. That’s my policy. If you like what you hear, my team and I would love to help you out with your mortgage! Our contact information is on the top right hand side of this page!