Market Stability Continues on Five-Month Lows
The mortgage market has been characteristic of surprisingly little activity as of late. In the latter half of last week, rates lingered enjoyed an uncommon level of stability, with Thursday and Friday proving to be particularly uneventful. As we go into a new week, though, this trend has shown no sign of reversing; indeed, Monday has been, if anything, even less volatile than the previous week.
At the beginning of Monday, rates were right in the sweet spot to best ensure that there would be no change. Bond markets, which are closely linked to activity in mortgage rates, exhibited very little activity. By the end of the day, there was nothing strong or weak enough to inspire mortgage lenders to update their rate sheets.
At present, quotes for conventional thirty-year, fixed rate mortgages are remaining in line with five-month lows. Meanwhile, there is very little to indicate how the market can be expected to move in the near future. With this in mind, most buyers may be wise to lock into current rates.
