Lowest Mortgage Rates in a Week After Inflation Data

By:Matthew Graham Thu,Jan 11 2024 4:39 Pm

Morgage Rates are based on bonds. Bonds react more to two monthly economic reports than any others.One of these is the jobs report which came out last week .The other is/was today consumer price.

With fridays's jobs report being arguably rather middle of the road in terms of its rate implications,Bonds/rates potentially had some pent up momentum behind today reaction.

Fortunently and unfortunently ,todays data was also fairyl unequivocal relative to some recent examples,It caused a confused,2-way reaction in bonds early in the day, but one that quickly gway to mortgage specific bonds holding their ground in a way that allowed mortgage lenders to keep rates in line with yesterdays ,or just a hair better.

As the day progressed ,other developments led to additional gains in the bond market,thus allowing many mortgage lenders to reissue rates that were slightly lower still .The net effect is the average mortgage lender offering top teir conventional 30 year fixed rates at the lowest levels since wednesday.This isnt a especially big move considering the narrow range since then ,But at least its in everyone favorite direction.