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Mortgage Rates Below 3% For 1st Time Ever (But Not For Everyone)

Friday, July 10, 2020   /   by Erik Bjorklund

Mortgage Rates Below 3% For 1st Time Ever (But Not For Everyone)

Mortgage rates plunged well into new all-time lows today.  This is a striking turn of events given the vastly different outlook at the end of last week.  Specifically, a series of strong economic reports led to significant losses in the bond market (which implies higher rates) and gains in stocks.  The unspoken warning was that rates had been too complacent in the face of a potential economic rebound.

Now this week, markets are singing a different tune.  Recently strong economic data was all well and good, but with covid-19 numbers spiking in several states, the sustainability of the economic improvement is in question.  That sentiment shifted at the same time that the stock market gave signals that it had improved about as aggressively as it was going to improve for now.  The result was the biggest sell-off since March (for stocks).  It also makes this the worst week for stocks since then.  At the same time, the bond market is having its best week since then, and again, when the bond market is doing well, rates are falling.

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