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Mortgage rates remained fairly stable over the weekend. This didn’t necessarily have to be the case as the underlying bond market suggested another mover higher this morning. But bonds rose after a key economic report on the services sector suggested slower growth (bonds tend to improve in response to weak signals on the economy and inflation).
This allowed mortgage lenders to set rates closer to where they were Friday afternoon. Some were slightly higher while others were slightly lower, leaving the average only a hair better than unchanged.
So is it good or bad? It depends on your perspective. It certainly could be worse as today’s rates are down about a quarter point from the most recent high seen just before the holiday weekend. It certainly could be better as rates were down more than a quarter point 2 weeks ago.
In general, this is the kind of volatility and range we should expect until economic data shows a clear shift towards lower inflation and growth. With the next key inflation report (CPI) out next week and the next Fed rate announcement on Tuesday and Wednesday, rates may not be inclined to make a big run in either direction between now and then.
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