From Matthew Graham at Mortgage News Daily: Mortgage Rates Started Flat, But Moved Higher in The Afternoon
Mortgage rates have been in a very narrow, sideways range since October. During that time, the average 30yr fixed rate hasn’t moved by more than an eighth of a percent in either direction. Today was no exception.
These so-called mid-day reprices can happen in either direction. It didn’t look like we would see any today based on market movement in the first 90 minutes. After that, bond began to deteriorate, ultimately forcing lenders to issue negative reprices. Keep in mind that we’re dealing with very small adjustments in the bigger picture. The point is that rates are now slightly higher than they were on Friday afternoon. [30 year fixed 3.22%]
• At 8:00 AM ET, Corelogic House Price index for October.
• At 8:30 AM, Trade Balance report for October from the Census Bureau. The consensus is the trade deficit to be $67.0 billion. The U.S. trade deficit was at $80.9 billion in September.