Mortgage rates fell today as a majority of lenders finally got caught up with the past few days of strength in the bond market. Lenders rely on bonds--specifically mortgage-backed securities (MBS)--to determine where to set mortgage rates. Bonds are constantly on the move, but lenders prefer to just set mortgage... Read more
Published on: 2021-10-14
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... Read more
Published on: 2021-08-31
Mortgage rates drifted lower again today, with the average lender getting back down to the lowest levels since the first week of August. In a general sense, today's friendly rate momentum represented follow-through momentum after Fed Chair Powell soothed the market on Friday morning. Both stocks and bonds improved as... Read more
Published on: 2021-08-30
Mortgage rates stabilized today after moving higher at a moderately quick pace over the past 2 days. To be sure, today's rates are definitely higher than those seen at the end of last week, despite numerous headlines to the contrary. The headlines in question are based on Freddie Mac's weekly... Read more
Published on: 2021-08-26
Mortgage rates are only adjusted once per day by default. From there, the underlying bond market would need to improve or deteriorate by a certain amount for the average lender to go to the trouble of a mid-day reprice. A small handful of lenders did that last Friday (bonds were... Read more
Published on: 2021-08-23
Rates are on hold until the next chapter is written in the complex saga of covid versus the market. This isn't to say rates perfectly flat--simply that the prevailing momentum has been sideways for the past few weeks. Since mortgage rates only change once or twice a day, we can... Read more
Published on: 2021-08-20