Mortgage Rates Little Changed, But Friday Could See a Bigger Move

Mortgage rates began the day perfectly in line with yesterday’s latest levels for the average lender. By the afternoon, the underlying bond market had lost enough ground that a handful of lenders were forced to issue mid-day reprices thus taking the average just a bit higher.

Unlike the past few days, there wasn’t a highly important economic report to cause volatility this morning. The underlying bond market drifted into progressively weaker territory on a combination of factors.  These included the market’s reaction to the European Central Bank’s policy announcement as well as headlines regarding a phone call between Trump and Xi that may lead to improved trade relations.

In general, lower tariffs and freer-flowing trade have resulted in stocks and rates moving…