Today was one of the most uneventful days in recent memory for mortgage rates. The average lender is in very similar territory compared to yesterday, and there has been far less intraday volatility through 3pm E.T.
While things may be ho-hum over the past 2 days, rates are still in bad shape compared to most of the past 2 years. In just a few short weeks, the average lender has moved roughly half a percent higher for top tier 30yr fixed scenarios.
A shift in the Federal Reserve’s policy outlook is primarily responsible for the pace of the move. As such, don’t expect things to improve too much before next Wednesday’s official policy announcement from the Fed.