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Mortgage Rates Higher Ahead of Powell Testimony

Mortgage rates rose today, largely in response to weakness in the bond market seen yesterday afternoon (and confirmed this morning).  Mortgage rates follow the bond market, but mortgage lenders don’t like to adjust their offerings more than once a day if they can avoid it.  Many lenders bumped rates up yesterday, but just as many held steady.  Those who held steady had more ground to cover this morning to bring rates up in line with bond market movement.  Long story short, if a lender increased rates yesterday, they were only modestly higher this morning.  Other lenders were forced to raise rates more noticeably.

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Source: mortgagenewsdaily.comNew feed

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