Posted To: Mortgage Rate WatchMortgage rates were modestly higher today. Much like yesterday, there’s a catch! Yesterday’s catch was that underlying bond markets had weakened enough during the day that today’s rates were more likely start out higher. That was indeed the case. Therefore, today’s “opposite” catch is that bond markets strengthened enough during the day that it implies slightly lower rates tomorrow morning, all things being equal. In other words, bond markets didn’t improve quite quickly enough for most lenders to adjust mortgage rate sheets in the middle of the day today, but they did improve enough for rates to be just a bit better if nothing changes between now and tomorrow morning. All of the above requires a fairly familiar caveat: we continue talking about “movement” in mortgage rates when, in fact, there…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Michael Ayoub, Author NMLS ID 6631