Mortgage Rates Slightly Higher Despite Flat Markets

Mortgage rates moved slightly higher today.  Yet again, underlying bond markets suggested another fate.  In other words, if mortgage rates were perfectly tied to underlying bond markets, they would have remained unchanged today.  
So why didn’t they?  The answer is as simple as the timing of lender rate sheets.  Bond markets were in slightly weaker territory earlier this morning.  This resulted in lenders offering slightly higher rates.  As bonds improved throughout the day, the gains weren’t quite enough for those lenders to “reprice” to lower rates.  There’s a certain bar to clear in terms of market movement before reprices make sense and we didn’t clear it today.
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Source: mortgagenewsdaily.comNew feed