Oklahoma Mortgage Group - Mike David

  Mortgage rates finally showed a little improvement late last week. After several weeks of increases, mortgage-backed securities began recovering some of their losses, and daily national mortgage rates moved lower. That was encouraging. But buyers should be careful about assuming a few better trading sessions mean mortgage rates are headed significantly lower. This week brings two important inflation reports that could quickly change the direction of the mortgage market. There is also a fresh housing-market story that may be particularly useful for buyers. More homes are available nationally, even though fewer sellers are listing. That combination tells us quite a bit about where the market stands as we move further into October. Mortgage Rates Improved Late Last Week Freddie Mac reported that its national average 30-year fixed mortgage rate reached 7.40% on October 8 , up from 7.28% the previous week. That marked the seventh consecutive weekly increase. AP News However, Freddie M...

Mortgage Monday is arriving on a Tuesday this week—and this time, waiting for the financial markets to reopen gave us a much clearer picture of what is actually happening with mortgage rates. The early read is mixed. Mortgage bonds have recovered from some premarket weakness, and the 10-year Treasury yield was close to 4.78% during Tuesday morning trading. That is better than the early premarket level of approximately 4.80%, but it is not enough to call this a meaningful mortgage-rate rally. The more accurate description is: Mortgage pricing opened roughly unchanged to slightly better, but inflation and oil prices are keeping the market on edge. What Happened When the Market Opened? Before the regular market session, the 10-year Treasury yield was approximately 4.803%, nearly two basis points higher than Friday’s close. Later in the morning, the yield moved back toward 4.78%, while mortgage-backed securities were essentially unchanged to slightly stronger. That recovery is mildly encou...