Mortgage Rates Widely Varied by Lender

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Posted To: Mortgage Rate Watch

Mortgage rates ended the day roughly in line with yesterday’s on average. That said, there’s a wider-than-normal gap between lenders depending on several variables. The underlying issue is the timing of bond market volatility over the past 2 days. Let’s break it down! Yesterday started strong . Lenders who released rate sheets early enough in the day were in better shape compared to last Friday. Bonds soon began to weaken (which implies higher rates). A decent handful of lenders adjusted rates higher in the afternoon, but many kept rates unchanged. Because of this, I mentioned they’d be starting today at a disadvantage, and indeed they did. Lenders who did NOT reprice yesterday were faced with weaker bond markets this morning as well as the need to get caught up with yesterday’s move. As such…(read more)

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