Among the most challenging aspects of shopping for a mortgage is how rates change constantly. It’s hard to pin them down. Especially when geopolitics are involved.
Last week marked the 3rd consecutive week through which conforming mortgage rates dropped, the longest such streak since February. This week, the jobs report is due.
Conforming mortgage rates ended last week unchanged overall. It’s a strange outcome considering that Standard & Poor’s issued a downgrade on U.S. debt Monday.
Mortgage markets worsened last week as energy costs remained high, and jobs data looked strong. The safe haven buying that characterized the March mortgage market has subsided.
The interest rate gap between fixed-rate mortgages and adjustable-rate mortgages is growing. It peaked 2 weeks ago, but remains huge at 1.16 percentage points.
In a volatile week of trading, mortgage markets closed unchanged last week.
Mortgage markets worsened last week as nuclear meltdown concerns eased across Japan, and the war within Libya moved closer to a potential finish.
Last week marked the 5th straight week through which mortgage rates improved. It’s the longest such streak since August 2010 and, this week, rates may run lower again. You may not want to gamble on it, though.
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