Why mortgage rates stayed unchanged as bonds went nowhere | #BedfordNY Real Estate

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Mortgage rates are the lifeblood of the housing market. This is why the Fed began quantitative easing (or QE) in the first place. Lower rates allow homeowners to refinance. Refinancing increases homeowners’ disposable income. It also helps stimulate economic growth.

Lower rates let first-time homebuyers move out of an apartment and into a house. This means higher consumption and benefits for home improvement retailers like Home Depot and Lowe’s. Consumption accounts for ~70% of the U.S. economy.

Mortgage rates are flat as bonds give back last Friday’s rally and then go nowhere
The average 30-year fixed-rate mortgage stayed flat to close at 4.28%. The ten-year yield rose six basis points, but mortgage rates didn’t react to last Friday’s big move in bond rates. To-be-announced securities (or TBAs) moved higher.
 
 
 
 
 
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