By Matthew Graham | Mortgage News Daily
WARNING: this article’s headline makes the overall mortgage rate situation sound much better than it actually is. While it is indeed a fact that today’s rates are lower than the previous business day’s rates by the widest margin since Brexit, caveats abound. First off, the Brexit move was more than twice as big. Today’s move is only slightly better than a handful of other decent days over the past 5 months.
The post-Brexit move also occurred when rates were already fairly low. In fact, rates were near all-time lows already, and had been moving almost exclusively lower all year. In stark contrast, today’s improvement comes on the heels of one of the sharpest moves higher in history. It’s fairly normal to see a decent-sized correction after a huge spike higher.
