Rates were flat again this week, continuing to oscillate within the narrow window they’ve existed in for the better part of the month.
As has been the case for the last few weeks, investors appear poised to stay in a holding pattern that will keep rates generally steady until any meaningful developments emerge showing the economy’s resistance to rising coronavirus case volumes, or the nation’s ability to contain and treat the virus. Should significant, positive news surface on either of those fronts, mortgage rates would likely move higher, possibly quickly. On the flip side, bad news on either topic will continue to place downward pressure on rates, but it’s likely that this pressure won’t drop rates much lower than they are today.
As we’ve seen in recent weeks, the market isn’t eager to move rates much lower than their current levels, in part because these historically low rates have prompted a steady stream of business that could be tapping out many lenders’ capacity to field loan requests
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