Mortgage ratesÃ‚Â fell somewhat significantlyÃ‚Â today, fully offsetting last week’s rise. Ã‚Â Specifically, today’s average rates are back in line with those seen on Friday, January 23rd (keep in mind, however, that rates were slightly lower last Tuesday before moving appreciably higher through the course of the week). Ã‚Â
Bond markets (which dictate mortgage rate movement) were tuned in to today’s raft of headlines concerning Trump’s opening salvo of policy announcements. Ã‚Â While specific details remain elusive, markets reacted primarily to trade-related news (i.e. border-tax). Ã‚Â This pushed stocks and bond yields lower. Ã‚Â Lower yields equate to lower rates. Ã‚Â Indeed, as markets shifted throughout the morning, lenders were able to revise mortgage rates lower in the middle of the day.