Mortgage ratesÃ‚Â moved lower today following back-to-back afternoons of improvements in underlying bond markets. Ã‚Â Yesterday afternoon was only slightly stronger. Ã‚Â It didn’t result in many lenders offering mid-day improvements in rate sheets. Ã‚Â Today, however, multiple lenders put out positive reprices after a well-received Treasury auction indicated strong investor demand in the bond market (higher demand for bonds = lower rates).
The average lender is back to their best levels since December 14th. Ã‚Â Whereas 4.375% had easily been the most prevalent conventional 30yr fixed quote for top tier scenarios, 4.25% is at least as common today. Ã‚Â All that having been said, rates were already fairly close to that tipping point. Ã‚Â The range has been calm and narrow over the past 2 weeks. Ã‚Â Today’s move stands out against that backdrop, but isn’t much more than an ordinary day any other time of the year.