Mortgage Rates Holds Steady as Mortgage Bonds Weaken Slightly

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Mortgage rates saw a small uptick today, but overall, the market remains calm and stable.

With key reports like jobless claims still delayed during the government shutdown, there wasn’t much new data to move rates. Instead, most of today’s change came from a weaker 30-year Treasury bond auction and some mild selling in mortgage-backed securities (the bonds that influence mortgage pricing).

The average 30-year fixed is holding near 6.38%, still well within the narrow range we’ve seen for almost a month. While bonds were a little weaker today, rates remain near their best levels of the past year — a sign of continued stability.

Bottom line: This small move is more technical than trend-changing. Once the shutdown ends and new economic data is released, that’s when we’ll likely see the next real shift in rates.

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Source: Mortgage News Daily