Mortgage Rates Slip Slightly, Staying Locked in Same Tight Range
Mortgage rates ticked slightly lower on Friday, but the movement was barely noticeable — continuing the tight, sideways pattern that has dominated the market for nearly a month. Despite sharp swings in the stock market, mortgage rates have remained stuck in the same narrow range since late October, showing little interest in making a meaningful move up or down.
Stocks have been sliding, and although stock declines don’t always drive mortgage rates, big sell-offs can push investors into the bond market. That’s exactly what happened heading into Friday, with bonds strengthening overnight and pressuring rates downward. But the trend didn’t last. At around 7 a.m., New York Fed President John Williams suggested that a rate cut at the December meeting was still “very much on the table.” His comments initially boosted the bond market — as lower Fed policy rates typically support lower long-term rates — but they also triggered a rebound in stocks.
And when stocks push higher, bonds often weaken. That tug-of-war erased much of the overnight improvement, but not all of it. The bond market had built up enough momentum earlier in the morning to leave mortgage rates slightly better than Thursday, even after the reversal.
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