June 23, 2023

Mortgage Rates Edge Lower Ahead of Key Economic Data

While bond markets improved throughout most of the day, lenders were cautious in passing those gains along to borrowers. The result was only a minimal improvement in average mortgage rates. This was largely due to the timing of market movements, as yesterday morning's strongest bond pricing lined up with this morning's weaker levels, limiting lenders' ability to offer more aggressive pricing.

There were no major economic reports or market-moving headlines driving today's activity. Looking ahead, Wednesday's calendar remains relatively quiet, but Thursday brings a heavier slate of economic data that could create more movement in both bonds and mortgage rates.

For now, rates continue to hold near some of their best levels seen in recent weeks, but upcoming economic reports could determine whether that trend continues.

🏡 If you're thinking about buying, refinancing, or locking in a rate, now is a great time to review your options. Reach out and let's build a strategy that works for your goals.