Mortgage Rate Losing Streak Ends With Moderate Victory

It’s a bit of a stretch to refer to the past week as a “losing streak” for mortgage rates. The worst part about it was the consistency of upward movement starting last Wednesday. In terms of the size of that movement, things have been less traumatic considering the average lender was still at the lowest levels since early April with the exception of the past 2 weeks.

Perhaps it would be better-described as a “non-winning streak.”  In any event, it’s over. The underlying bond market was already showing signs that it was tired of pushing rates higher by yesterday afternoon. Now today, it’s clear. 

Bonds moved into stronger territory early and kept improving throughout the trading session (stronger bonds = lower rates, all else equal). The change erases all of…