Mortgage Rates Move Higher, Touching Their Highest Levels in Nearly Two Months
Mortgage rates closed the week a bit higher, and while the increase was small, it was enough to push averages back near their highest levels in almost two months. Rates have been drifting upward throughout the week, and today’s move kept them stuck near the upper end of their recent trading range.
Early this morning, it briefly looked like things might go the other way. The bond market saw a burst of strong buying around 7 a.m., which usually helps bring mortgage rates down. At the same time, the stock market hit its lowest point in several weeks — another signal that typically supports falling rates. But that momentum quickly collapsed. By around 9 a.m., both markets had reversed course. Stocks recovered some of their early losses, and bonds surrendered all of their morning gains. Because mortgage rates move with bonds, the shift wiped out what could have been a small improvement in pricing.
With bonds finishing the day weaker, lenders had no reason to reduce rates. The result was a modest increase that kept rates near the top of their recent range.
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