Mortgage Rates Report

Last week was a tough week for mortgage rates.  Good Faith Estimates, issued by lenders on Monday, are most likely meaningless if you didn't lock-in that rate and program and receive a written confirmation from your lender.  The mortgage bond market progressively weakened last week until Friday.

Low earning by Google and Caterpillar brought stocks down and money flowed into bonds, strengthening mortgage bonds and lowering mortgage rates a tad from their high on Thursday.  Mortgage rates increased about .25% from Monday then retreated for a weekly rise of .125%.  This means that if your Good Faith Estimate showed 6.25% on Monday, it would probably be at 6.375% today.

We think that it makes sense to cautiously float in light of two things:

1- Friday's lower earnings may be a bellwether of earnings news this quarter.
2- There is no meaningful data due until Wednesday.

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