Grateful for Lower Rates: Thanksgiving Market Update
Markets are closed today, but yesterday gave us a reason to celebrate
The Mortgage Wisdom of the Day Turkey isn’t the only thing getting carved this week—interest rates are too. We head into the holiday weekend sitting near three-year lows.
Today’s Market Numbers Even though the markets are closed today for Thanksgiving, the closing numbers from yesterday tell a positive story.
The 10-Year Treasury yield has settled at a flat 4.00%. This is a crucial psychological level that signals the market is confident the Federal Reserve will cut rates again in December.
Mortgage Backed Securities (or UMBS 5.5) closed up, sitting at 101.09. This improvement helps lenders offer better pricing.
The 30-Year Fixed Mortgage Rate average is currently 6.22%.
What This Means For You While you enjoy your holiday feast, the bond market is giving homebuyers something to be thankful for. We are seeing a quiet confidence in the market. Lenders are repricing for the better, and affordability is slowly creeping back.
Enjoy the break today. We will be watching the abbreviated trading session tomorrow to see if this rally holds.
Happy Thanksgiving from Mortgage Wisdom Daily.