Mortgage Rates Improve as Lenders Catch up With Yesterday's Gains

Posted To: Mortgage Rate Watch

Mortgage rates fell today despite relatively uneventful movement in underlying bond markets (which drive day to day changes in rates). The net improvement can be explained by the timing of yesterday's improvement. Simply put, bonds improved late in the day (following the 2pm release of the Fed Minutes). That market improvement was too late in the day for some lenders to reissue rate sheets. Lenders who DID improve yesterday afternoon nonetheless held back just a bit, as it's customary to make sure late day market gains stick around the following morning before fully adjusting rate sheets to reflect the gains. For the average borrower at the average lender, this equates to a modest reduction in the upfront costs associated with the same old rates that have been in play all week. Most lenders...(read more)

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