Mortgage rates moved lower for 3 days in a row as of yesterday afternoon. But that trend was likely to reverse based on the timing of yesterday’s market movement. Specifically, the market was suggesting mortgage lenders should raise their rates, but not quite urgently enough (or early enough in the day) for lenders to pull the trigger at the time. As such, it was a strong possibility that we’d see lenders make those adjustments with today’s first rate sheets.
Things actually deteriorated a bit from there. Once again, bond markets were unable to maintain modest improvement from the overnight trading session. As bond prices move lower and yields move higher, lenders are increasingly forced to “reprice” their mortgage rate sheets (i.e. they change the rates they’re offering in the middle of the business day). Multiple lenders repriced for the worse today, bringing rates back up toward their highest levels in more than a month.
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Source: mortgagenewsdaily.comNew feed