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By G. Steven Bray
Last week was a wild ride. In one day, mortgage rates dropped by a quarter-point to start the day only to regain that quarter-point by the end of the day.
If you caught rates at their low point, lucky you. If not, all is not lost. Interest rates still are the lowest they’ve been in over a year with the exception of last Wed.
This week again doesn’t have any scheduled data releases that should affect rates. Rates are likely to meander while the market catches its breath. Could rates head lower again? Bond markets are likely to take their cues from the stock market and events overseas. Uncertainty has given the markets a nervous twitch. A headline that screams of a new crisis or economic weakness could send interest rates on another wild ride.
That said, stock market analysts still are decidedly bullish. A rising stock market generally doesn’t favor lower rates, but as recent experience showed, it also doesn’t necessarily mean higher rates. If the bulls start running again, a return to our flat rate range from earlier in the year could be in order.
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