Posted To: Mortgage Rate Watch
Mortgage Rates were sharply sideways today, with almost every lender offering the exact same terms as yesterday. This is part of an ongoing phenomenon that’s seen rates rise just slightly from near-all-time lows in early July only to hold an intensely narrow range for more than a month now. To be clear, there are no historical examples of rates moving any less over the course of a month, although there have been a handful of roughly similar time frames. Bottom line, rates are as narrow and inactive as they can be. When it comes to following rates and broader financial markets, the conventional wisdom is that longer-lasting and more narrow the trading range, the bigger the breakout will be. The only catch is that the breakout can happen in either direction. As far as catalysts for such a break…(read more )