May 18, 2021

MP Now News

Mortgage News

Mortgage Rates Improve on 7-Week Lows

Mortgage rates fell to the lowest levels since March 2nd or 3rd (depending on the lender) yesterday and fell just a little more today. Most borrowers see the exact same interest rates as they did yesterday, but some have slightly lower up-front costs (or higher lender loans). Even then, the improvement isn’t great, but the average day-to-day movement is rare when it comes to guessing.

The underlying bond market (the main consideration for lenders when setting daily mortgage rates) has been fairly stable today. In the early afternoon headlines about the proposed increase in capital income tax rates put pressure on stocks and bond yields (lower bond yields = lower rates, all other factors are equal). As a result, some mortgage lenders were posting improved interest sheets by the end of the day.