Bad information first: mortgage charges have been transferring steadily larger in July with the common prime tier 30yr mounted situation rising from 6.67% to six.81% in simply 4 enterprise days. This is not an extremely abrupt transfer, nevertheless it’s barely brisk in comparison with the common day of fee motion.
The excellent news is twofold. First off, we frequently are likely to see barely brisk motion in the other way after experiencing a constant pattern within the different course. The month of June was arguably such a pattern, and it took charges to their lowest ranges in a number of months.
Secondly, and extra merely, other than the previous few days of June, at present’s charges are nonetheless the bottom since late April.
