Mortgage rates were mixed this morning, depending on the lender. The more responsive lenders had already bumped rates higher yesterday in response to weakness in the bond market and were thus able to offer modest improvements this morning, or at least relatively flat pricing. Other lenders were noticeably weaker (aka higher in rate).
As the day progressed, the underlying bond market improved fairly decisively. This allowed most every lender to offer lower rates by the end of the day. While this wasn't enough to get us back to the all-time lows seen at times in the previous 2 business days, it was definitely a step in the right direction. It remains to be seen if this was a sign of things to come or merely a correction to yesterday's bigger market movement....(read more)