Explainer: Why Banks Hike Quickly on Home Loans â Forbes … – Forbes
Explainer: Why Banks Hike Quickly on Home Loans â Forbes … Forbes
Explainer: Why Banks Hike Quickly on Home Loans â Forbes … Forbes
At face value, today was a loss for mortgage rates. The average lender is quoting a slightly higher rate for conventional 30yr fixed scenarios compared to yesterday, and you’d have to go back more than 4 months to see more than a day or two with higher rates. That’s the bad news. The good news is that there have been some signs of resilience in the bond market that underlies interest rate momentum. Almost any consumer interest rate can be traced back to trading activity in the bond market. Mortgage rates are no different. If you’re looking for a great approximation for mortgage bond movement, the industry has been keeping an eye on the 10yr Treasury yield for decades. There are certainly moments (or years?) where that correlation breaks down, but it’s reasonably well behaved these days. Why so much explanation on 10yr Treasury yields? Because I’d like to talk about rate trends against that backdrop for a moment. Treasuries are also a bigger, more active market than mortgage bonds, so they may be worth a bit more in terms of trend identification. 10yr Treasury yields have topped out at the same level (or very close to it) for the past 4 days or the past 6 days depending on your definition of “close to it.” The point is that the trend is suddenly flat after having been decidedly vertical during the previous 2.5 weeks. Even inside today’s intraday trading, we saw initial weakness (read: higher rates) followed by a nice little recovery. That recovery allowed some mortgage lenders to offer mid-day price improvements. This wasn’t enough to get the average lender back into positive territory versus yesterday, but if the gains are still around tomorrow morning, that could change.
Mortgage rates jump to 6.32% CNN
Blank-check firm Aurora Acquisition Corp. has extended the deadline to complete its merger with Better.com for the third time.
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Itâs been tough sledding for mortgage rates over the past month. They were actually on a roll to start off 2023, falling for the entire month of January before things took a nasty turn. Without getting too long-winded here, strong economic data pushed rates back toward decade highs. The culprits were a CPI report and… Read More »Why You Might Still Be Seeing 5% Mortgage Rates
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If youâre looking at lower-cost housing options, buying a manufactured home may have come up on your radar. Buying a new manufactured home or an existing one could be a good way to get into a home more quickly and at a lower cost than a site-built home. Manufactured homes shed their mobile home and […]
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Mortgage rates are surging again due to sustained economic growth and continued inflation, eclipsing 7% on Thursday. And it could be a while before they tick back down.