Typically, mortgage rates go up when the economy’s doing well and down when it’s in trouble.Important notes on today’s mortgage rates However, be aware that “intraday swings” (when rates change direction during the day) are a common feature right now. But, with that caveat, mortgage rates today look likely to rise, perhaps sharply. Because they have to be exceptionally strong or weak to rely on them.
But our record for accuracy won’t achieve its former high levels until things settle down. Caveats about markets and ratesīefore the pandemic and the Federal Reserve’s interventions in the mortgage market, you could look at the above figures and make a pretty good guess about what would happen to mortgage rates that day. So we only count meaningful differences as good or bad for mortgage rates.
*A movement of less than $20 on gold prices or 40 cents on oil ones is a change of 1% or less. So lower readings are better than higher ones ( Neutral for mortgage rates.) “Greedy” investors push bond prices down (and interest rates up) as they leave the bond market and move into stocks, while “fearful” investors do the opposite. CNN Business Fear & Greed index - held steady at 49 out of 100.And worried investors tend to push rates lower Gold tends to rise when investors worry about the economy. ( Neutral for mortgage rates*.) It is generally better for rates when gold rises and worse when gold falls. Gold prices fell to $1,786 from $1,797 an ounce.( Good for mortgage rates*.) Energy prices play a prominent role in creating inflation and also point to future economic activity Oil prices tumbled to $88.21 from $94.16 a barrel.The opposite may happen when indexes are lower. ( Good for mortgage rates.) When investors are buying shares, they’re often selling bonds, which pushes prices of those down and increases yields and mortgage rates. Major stock indexes were lower soon after opening.( Very bad for mortgage rates.) More than any other market, mortgage rates normally tend to follow these particular Treasury bond yields The yield on 10-year Treasury notes soared to 2.84% from 2.68%.The data, compared with roughly the same time yesterday, were: Here’s a snapshot of the state of play this morning at about 9:50 a.m. >Related: 7 Tips to get the best refinance rate Market data affecting today’s mortgage rates In the meantime, my personal rate lock recommendations remain: If you’re cautious, by all means, lock your rate now, no matter how long you have before closing. Mortgage rates could continue lower or climb again without warning, in both cases by significant amounts.Īll this means you have to rely even more than usual on your own tolerance for risk. And that means unprecedented uncertainty. In other words, we’re in a period of unprecedented volatility. But, for now, let’s just say the last six business days have seen record or near-record falls, rises and falls again. I attempt an explanation for what’s happening to mortgage rates in a minute. So, they don’t change daily to reflect fleeting sentiments in volatile markets. My recommendations (below) are intended to give longer-term suggestions about the overall direction of those rates. See our rate assumptions here.ĭon't lock on a day when mortgage rates look set to fall. Click here for a personalized rate quote. Rates are provided by our partner network, and may not reflect the market.
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