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While the news media bonfire over the recent LLPA tweak is only just getting started, it’s time for us to go back to boring old mortgage rates (if you’re not sure what that means, LLPA stuff from Friday read my coverage of). And while today’s rate move was indeed boring, it was at least generally friendly to fans of low rates.
The average lender went slightly lower in cost. The change was small enough that most borrowers would see it as a marginal reduction in upfront cost without any change in the quoted interest rate (relative to the same scenario that would have been quoted on Friday).
A correction in the bond market caused rates to decline, but as far as economic data or news headlines are concerned, there is no clear root cause for a bond market correction. There was also no meaningful data release today.
The rest of the week will see some more economic data, but the reports that will be considered most important are all due on Thursday or Friday.
In the bigger picture, rates have been mostly sideways and waiting for a consensus from the data to suggest the next big move. Will lower inflation and lower economic growth rates. Persistent inflation and inelastic growth will push rates higher.
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