Mortgage Rates Higher Today or Tomorrow

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Posted To: Mortgage Rate Watch

Mortgage rates were unchanged in some cases today and higher in others. The discrepancy is a result of the timing of today’s market movements. The most important thing to know is that lenders who are unchanged today will almost certainly be higher tomorrow, unless the bond market stages an impressive comeback between now and tomorrow morning. Lenders have the final say in the mortgage rates they make available to borrowers, but their decisions are informed primarily by the bond market. Weaker bonds = higher rates, and vice versa. Bonds weakened today–modestly at first, then significantly in the afternoon–but it didn’t happen quickly enough for every lender to see the reason to change their mortgage rate offerings in the middle of the day. As such, those lenders will simply be accounting for…(read more)

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