Mortgage Rates Hold Steady Despite Market Weakness

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Posted To: Mortgage Rate Watch

Mortgage rates were broadly unchanged today, despite negative cues from underlying bond markets. In other words, the bonds that account for most mortgage rate movement suggested higher rates–at least if you’re comparing today against yesterday’s latest levels. The catch is that yesterday’s mortgage rate sheets weren’t based on the “latest levels.” Bonds improved all day, and fairly substantially at that! Lenders offered lower rates in the afternoon, but they only make those adjustments once or twice on any given day (they prefer not to make them at all). As such, bonds continued to improve after the early afternoon glut of new lender rate sheets. With all of the above in mind, it’s easier to reconcile today’s seemingly paradoxical strength. Indeed, current bond market trading levels are right…(read more)

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