Mortgage Rates Edge Higher From Long-Term Lows

Mortgage rates were steady to slightly higher today, leaving the average lender just a hair above the lowest rates in months, and still very close to the lowest rates in more than 3 years. The coronavirus outbreak is still a relevant consideration for financial markets, including interest rates, but traders took today to consolidate their recent positions. In other words, the recently prevailing trends experienced a bit of a correction. Stocks rose moderately after falling sharply over the past 2 days. Treasury yields did the same. Mortgage rates moved a bit higher in some cases, but because they're not directly tied to Treasuries, they fared better by comparison. The trade-off was that mortgage rates didn't fall as much as Treasury yields over the past 2 business days. If the virus situation...(read more)

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