Mortgage Rates Show Slight Improvement
Today brought modest improvement, but taken together with yesterday, it was the strongest 2-day stretch of the month. More importantly, holding ground today helps to solidify yesterday’s bigger move as something other than an anomaly. It begins building a case for February’s negative trend to be meaningfully threatened. As is always the case, there’s no way to be sure that this push back continues, but the point is that it leaves the door open for a push back to continue at all!
As for the nuts and bolts of the day, nothing much happened. Economic data was generally ignored and Yellen’s 2nd round of congressional testimony offered no surprises. Rates inched lower for most lenders due to stronger market levels at the open (there weren’t many reprices during the day). At current levels, 3.75% is a more prevalent quote for top tier conventional 30yr fixed scenarios than 3.875%.