Daily mortgage market update
AM Rally Completely Erased By The Close
An early bond-market rally faded quickly Friday, and broad selling through the afternoon left Treasury yields and national mortgage-rate averages higher by the close.
Today's market movement
Bonds improved early, but the rally lasted only briefly and began reversing around 9 a.m. With no single major catalyst behind the turn, the morning strength appears to have been helped by short covering after the week's earlier losses. Modestly higher oil prices moved with yields, while selling broadened across the Treasury curve and erased the early gains by the close.
What markets are watching next
Monday's economic calendar is light, so oil prices, geopolitical headlines and follow-through after Friday's inflation data may have an outsized influence on near-term trading. Markets will also look ahead to next week's economic releases for clearer evidence about inflation, growth and the direction of Federal Reserve policy.
What this means for homebuyers
National mortgage-rate averages finished near recent highs after the afternoon reversal. Buyers with a near-term closing should compare the certainty of locking with the risk of waiting, using an actual quote that shows the rate, points, lender credits, fees and lock period. A temporary market rally does not necessarily establish a lasting downward trend.
The mortgage-rate information discussed here reflects broad national market reporting and is provided for educational purposes only. It is not a rate quote, offer, or commitment to lend. Actual rates, fees, and terms vary by borrower, property, loan program, market conditions, and lock period.
Source reporting: Housing Brief / MBS Live Daily Market Summary. This page contains original summary and commentary by the Carson Home Team; source content is not reproduced.