Mortgage Rates Pummeled. Worst Might Not Be Over

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Posted To: Mortgage Rate Watch

Mortgage rates had an awful day today , and they were among the lucky ones. The true pain emanated from Europe, as has been the case so many times in recent years. In that regard, mortgage rates were innocent bystanders. It's not that mortgage rates are based on European market movements. Rather, the problem is that global markets are interconnected. Major movements in European bonds translate to less major movements in US Treasuries, which in turn translate to movement in the mortgage-backed-securities (MBS) that lenders use to determine mortgage rates. Today's key event was a press conference with the head of the European Central Bank (ECB), Mario Draghi. When the ECB began its bond buying campaign, the only indication on timing was that it was guaranteed to last through Sep 2016. Draghi...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/477152.aspx

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