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Mortgage rates eased again on Thursday as economic reports were weak and bank sector concerns remained in the headlines. Such things are beneficial to the price of bonds, which are seen as safe havens against market uncertainty or economic weakness. As bond prices rise, rates fall, all other things being equal.
The movement is not earth shattering. In fact, many borrowers may see only a slightly lower upfront cost for the “note rates” quoted yesterday. But the incremental gain takes the average borrower closer to the best levels in a month.
It’s worth noting that the current environment doesn’t require nearly as much speed to facilitate such claims. Rates are moving in a much flatter and more narrow range than at almost any time since May 2022.
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