Mortgage rates priced slightly better this morning.
In the absence of key economic data mortgage rates are holding steady today.
Stocks are trading higher today in response to a positive outlook provided by State Street Bank. Typically a rally in the stock market would cause mortgage rates to move higher but clearly there is a dichotomy in the market. One school of thought forecasts a rosier outlook for economic growth and another school believes we are in a “new normal” that will provide lower returns in the coming years.
No matter what your view is mortgage rates remain near historic lows. I wouldn’t expect a lot of volatility until next week when the economic calendar is full.
Current outlook: neutral