One upside to the downturn in the U.S. stock market is a sharp drop in mortgage rates. Those rates follow the yield on the 10-year Treasury bond and on pricing in agency mortgage-backed securities; as investors rush to the comparative safety of the bond market, yields fall and so do rates.
It’s not a perfect correlation, however, since there are other factors weighing on today’s lenders, such as new regulations.
The average rate on the 30-year fixed conforming mortgage hit 4.34 percent Friday, down from 4.50 percent just a week earlier, according to Mortgage News Daily. Lenders haven’t offered rates that low since November.
“This correction is bigger than I would have expected,” said Matthew Graham, COO of Mortgage News Daily, who points out that this week’s jobs report could send rates right back in the other direction.
Just back out of hospital in early March for home recovery. Therapist coming today.
Sales fell 5.9% from September and 28.4% from one year ago.
Housing starts decreased 4.2% to a seasonally adjusted annual rate of 1.43 million units in…
OneKey MLS reported a regional closed median sale price of $585,000, representing a 2.50% decrease…
The prices of building materials decreased 0.2% in October
Mortgage rates went from 7.37% yesterday to 6.67% as of this writing.
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