Daily mortgage market update
Some Signs of Resilience But It's Still Anyone's Game
Treasury yields found limited support near 5% on Tuesday, but mortgage rates increased again and Wednesday's Federal Reserve announcement could quickly reshape the market.
Today's market movement
The 10-year Treasury yield repeatedly approached 5% during U.S. trading, but each attempt was met with renewed demand from investors. That offered a modest sign of support even as oil prices moved above $106 and continued to reinforce inflation concerns. The improvement was limited, however, and national mortgage-rate averages moved higher for a sixth consecutive business day.
What markets are watching next
Wednesday brings mortgage-application data, retail sales and housing-market sentiment before the Federal Reserve releases its policy decision and updated economic projections. The Chair's afternoon press conference may be especially important because markets will listen for guidance about inflation, future rate moves and how officials are interpreting recent economic data.
What this means for homebuyers
Tuesday's resilience in Treasury trading did not translate into lower national mortgage-rate averages. Buyers with a near-term closing face event risk around Wednesday's Fed announcement and should compare the certainty of locking with the possibility of waiting. Use an actual quote showing the rate, points, lender credits, fees and lock period rather than relying on a national average.
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.