Bad day for mortgage rates

by Tom Tousignant

in Blog

This afternoon, Bond Traders decided they hated mortgage bonds, sparking the largest sell-off in years.  Rates will likely be 0.75% to 1.0% higher tomorrow – certainly creating a pause in the refinance boom that has been going on.  Concerns of higher inflation, North Korea’s nuclear testing, government borrowing and higher consumer confidence all contributed to today’s action.

If you were thinking of refinancing, you may need to hold off for a little while longer to see if the market recovers.

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