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Despite some ups and downs on a small scale, mortgage rates have been sideways in the bigger picture. That’s a good thing if the latest refi application data is any indication. Demand is at the highest levels since October as rates have generally been holding near mid-October levels. Today was just another day in that regard. Bonds (which dictate rates) were slightly weaker overnight (bond weakness implies higher rates). As as often been the case recently, stocks played a role in the rate movement. Prospects for a debt ceiling deal may have contributed to market optimism. With that, mortgage rates were just a few tenths of a percent higher than yesterday, but to reiterate, not too far from yesterday’s latest levels.
