Markets and mortgage rates are currently trying to reconcile the big narratives that have accounted for most of the movement in 2022. In one corner we have inflation and the forces trying to fight it. In the other, we have the economic fallout from that fight. Inflation was the main reason rates skyrocketed in the first…
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The big monthly jobs report from the Labor Department (officially “The Employment Situation) is one of the most reliable sources of volatility for interest rates. While this was much easier to observe before the pandemic, key economic reports have been getting more and more attention as the market looks for evidence that inflation and tighter…
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Mortgage rates have been all over the map recently, both in terms of their movement and in their variation between lenders. The disconnects are so big as to require a deeper explanation. Let’s quantify “big.” Best-case-scenario rates for a conventional 30yr fixed are down about half a point from last week on average and more than…
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The market came into the week with a big focus on the scheduled policy announcement from the European Central Bank (ECB). While our focus remains on mortgage rates in an entirely different continent, major goings on in European markets almost always have an effect on the equivalent U.S. markets. That would prove true on several…
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It was a week for paradoxes on several fronts, most notably when mortgage rates moved lower just after the Fed floated the idea of an even bigger hike. There’s a popular misconception that the Fed sets mortgage rates, or controls them directly in some way. They don’t. The Fed sets the Fed Funds Rate (FFR)…
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Without a shadow of a doubt, the average lender’s mortgage rates are noticeably higher this week versus last week, with Friday being the worst of the bunch. Despite that fact, there were multiple news stories this week regarding a massive DROP in rates. What’s up with that? Before we continue, you may wonder who you…
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Mortgage rates have been volatile in 2022. Most of that volatility has played out in the form of higher rates. The past 2 weeks have been a notable exception. To understand why this is happening, we first need to consider that higher inflation means higher rates. It was easy to forget that for most of the…
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In 2020 and 2021, housing boomed and rates plummeted at a pace that many considered to be unsustainable. 2022’s role is to take things back in the other direction. In other words, things are “normalizing” after a period of frenzied movement. The normalization process can seem scary in cases where the thing being normalized was exceptionally…
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Your debt-to-income ratio, or DTI, is an important personal finance measure that compares the amount of money you earn to the amount of money that you owe to your creditors. This number comes into play when trying to line up financing to purchase a home because it is used to determine mortgage affordability. Once financing has been…
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Key Concepts Mortgage rates are interest rates on home loans There are really TWO mortgage rates: the interest rate (or “note rate”) applied to your loan amount (or “principal”) and the rate implied by certain upfront costs (the “effective rate”). APR (Annual Percentage Rate) attempts to convey that “effective rate.” Understand the tradeoffs between upfront…
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