Mortgage Rates Drift Up From Recent Lows
Mortgage rates were unchanged to slightly higher today, depending on the lender. The differences in pricing strategies stem from the timing of changes in the bond market.
Mortgage lenders set their rates based on the prices of mortgage-backed securities (MBS), which change constantly throughout the day. Despite those changes, there’s often enough stability for lenders to “set it and forget it.” On days where MBS move more than normal, lenders can change their mortgage rate offerings in the middle of the day.
In today’s case, those changes were just getting to be too big to overlook right at the end of the trading day. As such, only a handful of lenders opted to make any changes and even then, those changes were fairly small.
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