Mortgage rates got better up today as the underlying bond market continued the selling pattern seen on 3 out of 4 days up until now this week. In the overnight hours, bond yields (which typically associate with home mortgage rates) moved higher in performance with increasing oil costs.
That stated, it would be a mistake to assume this is the only correlation in town. Oil rates continued to increase dramatically during domestic hours, however bond yields stayed flat– perhaps benefiting from safe-haven need following heavy losses in stocks.
The typical top-tier 30yr fixed rate is still under its current highs, however after today’s dive, it’s fairly close. This is a triumph of sorts, considering 10yr Treasury yields are clearly above their current highs.