Mortgage rates just had another one of those "back and forth" weeks. Fortunately, while the road was rocky (lots of reprice alerts), total consumer borrowing costs went into the weekend near their most aggressive levels of the year, only slightly above record lows. The latest round of "ups and downs" was different though. Since early April mortgage rates have generally mirrored the movements of stocks. As equities rallied, loan pricing worsened and mortgage rates rose. As stocks sold, loan pricing improved and mortgage rates fell. This relationship generally dictated the direction of mortgage rates, that is until late last week when the "stock lever" began to lose its predictive abilities. Although the economic calendar isn't jammed packed in the week ahead…(read more)
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