Posted To: Mortgage Rate WatchMortgage rates didn’t move much today. Some lenders were perfectly unchanged, but the average lender was just slightly higher. That’s at odds with underlying bond market movement (which directly impacts rates)–at least at first glance. Specifically, the bonds underlying mortgages were slightly stronger today. That would imply slightly lower mortgage rates. So why did rates rise? As is often the case, today’s seemingly paradoxical movement is due to timing . Bonds were weakening ever-so-slightly yesterday–something that’s consistent with lenders raising rates. But the bond market didn’t weaken enough for lenders to make those changes in the middle of the business day. Additionally, today’s bond market improvement didn’t really stick until the afternoon. Like yesterday, it wasn’t quite enough…(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