Mortgage rates are slightly better than yesterday.
In Monday’s ‘rate update’ we referenced the significance of the economic data released yesterday and today. After receiving a mixed-bag of economic data yesterday we got worse than expected news today (bad news for the economy is typically good for mortgage rates).
On the news stocks are trading lower which is helping to bolster demand for “safer” fixed income assets such as mortgage-backed bonds.
We remain in a locking position as rates dip to historic lows.
Current outlook: locking