Rates Were Volatile Last Week with Some Lenders Dishing Out 5 Rate Sheets a Day!

Despite Movement, Rates Closed Out Unchanged for the Week

In a volatile week of trading, mortgage markets closed unchanged last week. Despite economic data proving stronger-than-expected — a situation that tends to lead mortgage rates higher — concern for persistently high oil prices tempered Wall Street’s excitement and mortgage rates stayed steady. Who knew oil could do such good things, right? 🙂

That’s not to say rates weren’t volatile though. From day-to-day, mortgage rates showed huge variance last week and several lenders issued five separate rate sheets Friday. It was a lot to stay on top of as a rate shopper.

The 12-month average is slightly less than two per day to give you prospective of how volatile it was! If you’re currently shopping for a loan and would like some help, I’d love to lend a hand. You can email me or contact me at the number listed to the right of this blog post!

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!