Mortgage rates were flat to marginally lower today. The mortgage-backed-securities (MBS) that most directly inform lenders’ rate sheets were surprisingly unperturbed by the morning’s GDP data and other considerations, suggesting any chance of more sincere movement is being reserved for tomorrow’s Employment Situation Report. The most prevalently quoted conforming 30yr fixed rate for ideal scenarios (best-execution) remains at 4.25%.
At the moment, we’re seeing some positive and negative momentum finding relative balance in bond markets (of which MBS are a part). This was the case as early as late September, when rates were coming down from their highest levels in more than 2 years. They’d settled in to an exceptionally narrow range to wait out the government shutdown and were largely successful.