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Posted To: Mortgage Rate Watch
Now, mortgage rates dropped. They didn’t have to go very far to reach the best amounts of the month, although it wasn’t a massive move. To be honest, many borrowers are still seeing the identical interest rate that they would have observed any time in the previous 2 weeks. In those cases, it would be. In terms of the motivation for the move, underlying bond markets had a good day thanks to an economically downbeat press conference from the European Central Bank (ECB) and weaker-than-expected inflation statistics in the US. The ECB doesn’t dictate rates in the US any more than the Fed controls mortgage rates. But they do establish policies that have a large impact on bond markets which, consequently, have an influence on the US bond market.