Posted To: Mortgage Rate Watch

Mortgage rates began the day in decent shape relative to last week. The average lender’s rate/fee combo was at least as low as it had been on Friday. As the day progressed, however, underlying bond markets continued to weaken . For many lenders, it was enough to make mid-day changes to rate sheets. Affected lenders ended up slightly worse off compared to last Friday. Lenders who didn’t reprice today are starting the day out at a disadvantage tomorrow. In other words, if bonds don’t change between now and tomorrow morning, those lenders would have to move rates a tad higher. All that having been said, tomorrow is a half day for financial markets due to Independence Day on Wednesday (markets will be fully closed on Wed). Lenders tend to be more conservative with rate sheets surrounding holiday…(read more)