After consecutive weeks of inching upward/remaining the same, mortgage rates dropped. Not just a little bit, either. In fact, rates dropped to their lowest point since June last week.
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Mortgage rates have three options: rise, drop or remain the same. After a few weeks of inching upward/remaining unchanged, rates took a dive this week – not just any dive, either.
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Congress passed a bill to raise the U.S. debt ceiling and end the partial government shutdown. While President Obama signed the short-term bill early Thursday morning, the deal will have to be revisited three months from now.
Friday was a quiet day for the Bond Market with no Fed speakers or economic news released. Overnight Treasuries snapped a three-day gain before the delayed Jobs Report is released tomorrow.
Yesterday, the market rallied yet again with the government finally reaching a short-term deal to end the shutdown. Short-term lending rates quickly improved, causing a sustained spike in the MBS market as well.
Mortgage rates can only drop so much before they begin to rise. Last week, fixed mortgage rates inched upward according to the Primary Mortgage Market Survey for the first time since the beginning of the month. That trend continued this week as rates again rose slightly.
President Obama signed a deal late last night to end the partial government shutdown. The market recovered all morning losses causing a re-price for the better.
Mortgage rates increased slightly yesterday as hesitant investors wait for news regarding the government shutdown. Trading volumes are 75% of the 30-day moving average showing the direct impact the political uncertainty has on the MBS market.