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Wednesday was a pretty volatile day for mortgage rates. The movement was not extreme, but there were some major changes. The day started with average lenders offering slightly lower rates than yesterday.
As the day progressed, the importance of the bonds started diminishing. Bonds dictate rates and when they lose ground, it refers to lower prices and higher yields/rates, all other things being equal.
The losses were ultimately enough for most lenders to change rates at noon, slightly higher than yesterday afternoon. Lenders who didn’t change rates today will have more implied increases to deal with tomorrow morning based on what the bond market suggests — assuming that’s what tomorrow morning’s bond market looks like at this time.
The average lender still yields over 7% for the top tier traditional 30yr fixed.
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