Posted To: Mortgage Rate Watch
Mortgage rates rose today, largely due to bond market movement from the end of last week that never made it onto last week’s rate sheets. Specifically, the bond markets that underlie mortgage rate movement had a fairly bad day last Friday, but not until after most lenders already released their first rate sheets of the day. Lenders normally need to see a certain amount of market movement by a certain time of day before issuing mid-day reprices , and Friday’s weakness wasn’t quite big enough. As I noted last week, that meant we would begin the current week at a slight disadvantage. It’s that disadvantage that was seen on this morning’s rate sheets. From there, bonds weakened a bit more, prompting a few more lenders to issue rate sheets with even higher rates. All that having been said, the movements…(read more)
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