Weekend Market Update 4.13.2024

Rates as of market close on Friday 4/12/2024

Last Wednesday was particularly tough, marking one of the sharpest single-day spikes in mortgage rates we've seen in years. Thursday unfortunately compounded the issue, pushing rates even higher—reaching levels we haven't seen since November 2023. However, Friday offered some relief, although the improvement wasn't as significant as we might have hoped.

Despite the rough week, things could have been even more challenging. We might have seen rates climb even higher, so there's a bit of dramatic flair in the reaction you are seeing in the news.

Looking at the finer details, the bond market showed some overnight improvement but lost momentum throughout the trading day. This wasn't enough to prompt most mortgage lenders to adjust their rate sheets during the day. They started the day with conservative rate settings, which likely prevented the need for any rate hikes later in the day.

Stayed tuned next week as I recap the flucutaions of mortgage rates for the week, and remember mortgage rates are a bond they change daily!