Mortgage rates dropped slightly today compared to yesterday. The bond markets performed well within the post-Brexit trading range. That is, until the afternoon. When 3pm EST hit, multiple factors contributed to a spike in Treasuries, and eventually MBS followed. The initial source of motivation was the massive release of corporate bonds by Oracle, which spurred a large number of investors to liquidate their holdings to buy up the corporate bonds. Those who were watching financial markets knew that this was going to happen, but it occurred quicker than expected, and to the tune of 14 billion VS the estimated 8-10 billion. Also in play here is the fact that we are leading into a 3 day weekend, as well as Q2 wrap up/end of month considerations. This shift caused some lenders to reprice late in the afternoon. Check here tomorrow for more up-to-date mortgage market news.
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• 30 year (FRM) rates at 3.43% (-0.01%).
• 15 year (FRM) rates at 2.76% (+0.00%).
• FHA 30 year Fixed rates at 3.25% (+0.00%).
• Jumbo 30 year Fixed rates at 3.51% (-0.01%).
• 5/1 ARM rates at 2.85% (-0.01%).
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