Mortgage ratesÃ‚Â did nothing today. Ã‚Â They didÃ‚Â less than nothing. Ã‚Â This week is already easily on track to be the calmest since the election. Ã‚Â And if tomorrow is similarly lifeless, it will be one of the calmest weeks ever.
Oftentimes, I’ll note that it’s the AVERAGEÃ‚Â effective rate that’s “unchanged.” Ã‚Â Indeed, it’s quite uncommon for almost every single rate sheet in our ongoing study to be the same as the previous day. Ã‚Â But that’s exactly what happened today. Ã‚Â In fact, this week’s rate sheets have seen less change Ã‚Â overall than any other week this year.
This is to-be-expected, to some extent, due to seasonal considerations. Ã‚Â The fact that underlying bond markets have been holding steadier than normal accounts for the extra stability in mortgage rate sheets. Ã‚Â