Mortgage Rates Hold Eerily Steady

Dated: 12/07/2016

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Mortgage Rates Hold Eerily Steady

by: Matthew Graham

Mortgage rates barely budged yesterday, with most lenders offering the exact same quotes as yesterday. While we have seen a few days with similar day-over-day results recently, most of those involved intraday 'reprices' (i.e. lenders changing rates in the middle of the day in response to market movement). Today was the first day since the election with almost no reprices and where nearly every lender made the same move (anywhere from "sideways" to microscopically lower in rate).

4.125% is the most prevalent conventional 30yr fixed rate on top tier scenarios with 4.25% not too far behind. 4.0% is a distant third.

The lack of volatility could be due to today's scheduled announcement from the European Central Bank (ECB). In short, this is the world's first likely opportunity to hear the ECB confirm plans to wind down its asset purchases--a move that would be analogous to the Federal Reserve's comments preceding the 2013 taper tantrum. In the current case, markets have done much more to prepare for European tapering, but the announcement could nonetheless cause volatility for rates.


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Rowan Samuel

Rowan Samuel has lived many lives. Originally from Zimbabwe (Rhodesia), he and his family immigrated to the U.S. in 1980 to escape the brutal Mugabe regime - they lost everything when they came to Am....

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