Posted To: Mortgage Rate WatchMortgage rates moved higher for some lenders and lower for others, depending on how that particular lender adjusted their rate sheets on Friday afternoon. While the bonds that underlie mortgage rates are moving constantly throughout the day, lenders want to see a certain amount of movement in any given direction before they go to the trouble of adjusting their mortgage rate offerings. Friday began with weaker bonds. Consequently the first mortgage rate sheets of the day were worse than Thursday’s (i.e. rates were higher). But bonds improved throughout the day–just enough for a handful of lenders to adjust rates lower. Lenders in that “handful” had to move rates back up a bit today. Lenders not in that handful were able to drop rates just a hair from Friday morning’s levels. All this having…(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