Happy Monday!

I hope you had a fantastic weekend! Last week was an eventful one for mortgage rates, with early improvements followed by slight pullbacks as the market reacted to economic data and stock market fluctuations.

At the beginning of the week, bond market strength allowed lenders to offer the lowest mortgage rates since mid-October. However, as stocks attempted a rebound midweek, bonds weakened slightly, causing a bit of upward pressure on rates. Economic reports also indicated that the economy is holding up better than expected, which tends to slow rate improvements.

You may have seen headlines on Thursday about a big drop in mortgage rates, but those were based on outdated weekly survey data. In reality, rates had been edging slightly higher over the previous three days—though they remained well below the peaks of late 2023.

Friday’s jobs report initially pushed rates lower in the morning due to weaker-than-expected data. However, a strong stock market rally in the afternoon caused rates to tick up slightly again. Even with this late-day movement, mortgage rates ended the week close to where they started—still offering buyers and refinancers significantly better opportunities than just a few months ago.

Looking ahead, mortgage rates will remain highly reactive to economic data, so we’ll be keeping a close eye on upcoming reports. If you have buyers waiting for the right moment, now is a great time to check in. As always, feel free to reach out with any questions or if I can assist in any way.

Wishing you a great week—let’s make it a successful one!

Best,