Mortgage Rates Edging Lower Ahead of Potential Volatility

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Posted To: Mortgage Rate Watch

Mortgage rates moved down today by varying amounts depending on the lender. In some cases, lenders weren’t offering much of an improvement over yesterday. Those lenders are more likely to improve tomorrow, or at least we can say they’ll be starting with an advantage. Other lenders made use of their advantage today. The advantage in question came courtesy of a strong performance in the bond market today. When bonds improve enough, lenders are increasingly likely to re-price their rate sheet offerings for the better. This rarely affects the interest rate itself, but it can reduce closing costs by an eighth of a percentage point on average. There were no significant economic reports out today. The bond market is eagerly anticipating tomorrow’s reports ahead of the Independence Day market closure…(read more)

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