Mortgage Rates Modestly Lower to Begin Another Holiday-Shortened Week

Because mortgage rates are determined by trading levels in the bond market, when the market is closed, lenders don't update their rate offerings.  As such, there were no rate updates last Wednesday for the Christmas holiday and the same will be true this week for New Year's Day. In addition, it

Mortgage Rates Little Changed Today, This Year, And Over The Past 2 Years

Mortgage rates didn't move much today, and markets have been very quiet due to the holiday week.  So we'll take a quick moment for a retrospective. In September 2022, 30yr fixed mortgage rates crested 7% for the first time in more than 2 decades. The following year saw rates move momentarily un

Mortgage Rates Start Higher, But Recover in Afternoon

Mortgage rates are based on trading levels in the bond market and bond market activity has been extremely slow, as is normally the case during the Christmas holiday week.  The side effect of the slow activity is the risk of more random volatility.  In other words, bonds (and thus rates) ca

Mortgage Rates Higher to Start Holiday-Shortened Week

Holidays have inconsistent impacts on mortgage rates because holiday's have inconsistent impacts on the bond market (and rates are dictated by the bond market). Bond traders (the people buying and selling the bonds that ultimately determine mortgage rates) are people too.  They take vacations,