What's driving the mortgage rates today ?
No major economic reports made their presence felt today, but it probably wouldn't have mattered if they had. The Trump versus Comey contest has all eyes and will likely influence mortgage rates far more than any numbers generated by the bureaucracy.
Good News For Floaters: Trump Vs. Comey
Why should a dispute / firing between two of the most influential people in the US affect your mortgage rate? Because they are two of the most influential officials in the land. At least one of them still is.
The issue with the whole Trump / Comey problem is that the investigations into this administration's campaign, plus the search for a successor are extremely de-stabilizing to our economy. No one knows where to place their bets -- with "safe" bonds or aggressive stocks.
Today's Data
- All three stock markets: sharply down (good for rates)
- 10-year Treasury yield: down nine basis points from 2.323 to 2.24 (great for rates)
- Oil is up, still below $50: (slightly bad)
- Gold up more than oil (good for rates)