By the end of last week, mortgage rates moved up to match their highest levels in 2 months. After a modest recovery yesterday, today’s rates are little-changed.
As is often the case when examining day-to-day rate changes, we’re talking about relatively small movements in the bigger picture. The average mortgage seeker would likely be seeing the same “note rate” on almost any day in more than a month now. In the most extreme circumstances, the change would be limited to 0.125% (typically the smallest increment separating different rate offerings for most lenders). When the bond market doesn’t justify an entire eighth of a percent, lenders make adjustments via upfront costs/credits. In this way, the “effective rate” is changing every day even if the “note rate” is not.
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