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Mortgage rates are unchanged today as bond markets are closed for Good Friday.

Yesterday, wewrote that loan pricing was in a holding pattern until next week when the market faces a high-risk event, a Federal Reserve meeting. We expect this event to better dictate the direction of mortgage rates in the short-term.

"Holding pattern" doesn't necessarily provide an accurate bias regarding locking or floating as it would tend to suggest some sort of 50/50 scenario with equal chances of rates moving higher or lower. But in all actuality, it will be tougher for mortgage rates to move lower than it would for mortgage rates to move higher. We've talked about why that is the case many times over the past four months. This is the technical explanation we've offered: -Source: Mortgage News Daily

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