Bonds are now at the weakest levels in 5 months. Just when we thought we saw the 1.80% "ceiling" earlier in the week, we were sadly mistaken. We finished out the day at 1.85% for 10 year yields, having reached a "high" of 1.87% mid-day. How did this happen? Well, it comes down to the fact that post-Brexit, there were concerns about the UK economy as a whole. Today we were all stunned by the GDP report coming out of the UK, which nearly doubled the median forecast. It stands to reason that the Brexit situation caused an initial flurry of bond buying. Now it's time to sell. Since the UK market has had a lofty influence over the US markets, we entered the trading day in very weak territory. Good news for the global economy, bad news for mortgage rates. We are up .04 to .05 percent across the board since yesterday. Check back tomorrow for more up to date mortgage news and rates.
Bookmark this page for mortgage rates:
• 30 year (FRM) rates at 3.61% (+0.05%).
• 15 year (FRM) rates at 2.91% (+0.04%).
• FHA 30 year Fixed rates at 3.40% (+0.05%).
• Jumbo 30 year Fixed rates at 3.77% (+0.05%).
• 5/1 ARM rates at 2.93% (+0.04%).
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