Mortgage Rates Relatively Flat Today, But Tomorrow Brings Challenges

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Posted To: Mortgage Rate Watch

Mortgage rates were flat-to-slightly-higher today, depending on the lender and the time of day. Why would the time of day matter? Mortgage rates are based on prices and yields in the bond market. Bonds move throughout the day, but mortgage lenders only change their rates if bonds move by a certain amount. By the end of the day, bonds had moved just enough for a few lenders to increase rates, even if only by a modest amount. When this happens, it can often present an opportunity for those faced with a short-term decision on locking their rate because lenders who held rates steady today will likely have to account for the bond market weakness with tomorrow morning’s mortgage rate offerings. This, of course, assumes that the bond market doesn’t turn right back around in the overnight and early…(read more)

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