From Matthew Graham at Mortgage News Daily: Rates Respond to Political Scandal by Plummeting to 2017 Lows
Mortgage rates surged significantly lower today, as a part of a broad-based market movement following a political scandal that began taking shape yesterday afternoon. You can choose your preferred media outlet to digest all of the details, but the issue surrounds communications between Trump, former FBI Director Comey, and the potential for the details of those communications to be demanded by House Oversight Chair Chaffetz.Here is a table from Mortgage News Daily:
We're often talking about just how small the day-to-day movements are that we're tracking in these daily write-ups. Today was an exception, with most lenders moving a full eighth of a percentage point lower in rate. That's the king of improvement we only see a few times a year. This time, it brought conventional 30yr fixed rates to the best levels of 2017. Many of the best-qualified borrowers will be seeing quotes in the 3.875%-4.0% range now as opposed to 4.0-4.125% before today.