Mortgage ratesÃ‚Â fellÃ‚Â for the third straight day today. Ã‚Â Each day has seen moderate improvement. Ã‚Â Taken together, they add up to a strong move lower from last week’s levels (which were roughly in the lower-middle of the post-election range). Ã‚Â The result is that some lenders are at or near their lowest rates in nearly 3 MONTHS (yesterday it was 3 WEEKS). Ã‚Â The average lender has only had 3 days during that time where rates were any better. Ã‚Â
There are plenty of opinions about what’s behind this week’s falling rates ranging from politics to last week’s jobs report causing a shift in Fed rate hike expectations. Ã‚Â All that matters is that investors have shifted to a more risk-averse stance resulting in better demand for less risky assets like bonds. Ã‚Â Higher demand for bonds means lower rates.