Mortgage Rates are NO LONGER Lower Than Last Week’s
Mortgage rates moved up from 6-month lows yesterday and that trend continued today. This time around, we didn’t have any obvious culprits on the economic calendar (econ data played a big role in yesterday’s rate spike). Instead, the bond market drama played out at a more gradual pace throughout the morning.
As bonds weaken, mortgage lenders are increasingly compelled to raise rates. If they weaken enough, lenders can even change rates more than once a day. This was the case for many lenders on Thursday, but in outright terms, we’re still at better levels than most of the past 6 months. Apart from the first 3 days of the week, only 1 or 2 other days have been any better going all the way back to early February.
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