Mortgage Rates Mostly Flat Despite Market Weakness

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Posted To: Mortgage Rate Watch

Mortgage rates were arguably flat today for the average lender although a few were slightly higher or lower depending on their offerings from yesterday. Markets, however, argued a slightly different case. When we talk about “the market” with respect to mortgage rates, it’s not quite the same as almost every other mention of “the market.” In rates’ case, it’s the BOND market that matters. Indeed, bond prices and yields (another word for “rates”) have a bigger impact on mortgage rates than any other variable. Part of the reason for the discrepancy between bonds and mortgage rates today was timing . Yesterday’s bond market strength didn’t translate to a big move in rates because many lenders had already put out their first rate sheet of the day and never saw enough improvement in bonds to suggest…(read more)

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