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Mixed Performance For Mortgage Rates

In general, this has been a week of correction and reversal for mortgage rates.  After hitting the lowest levels in more than 4 months last week, they popped quickly back to the highest levels in a month by Tuesday.  Things have calmed down since then and we anticipate a flatter baseline until next week’s inflation data on Tuesday morning.  The average lender moved slightly lower to start the day today.  This may or may not translate to a different in the rate you’re quoted, but in cases where the rate quote is the same as yesterday, the upfront costs should be slightly lower. At least that was the case this morning.  Bonds dictate mortgage rate offerings and bonds have been losing ground this afternoon.  When bonds lose enough ground on any given day, mortgage lenders can raise their rates in the middle of the day as opposed to waiting for the following morning.  That is beginning to happen here at 2pm ET and may continue to happen before the end of the business day. The changes won’t be extreme, but they could undo some of the progress seen between yesterday afternoon and this morning. 
Source: mortgagenewsdaily.comNew feed

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