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Mortgage rates have been hovering around the highest levels in months over the past 2 weeks, but made little headway as of late last week. Corrections were made in the early part of today. In other words, the average lender was offering slightly lower rates this morning than at the end of last week.
Unfortunately, as the day wore on, the bond market began to slide. Direct day-to-day changes in bond rates. As such, the average mortgage lender was forced to withdraw its initial rate sheet and “re-rate” at slightly higher rates.
This brings the average lender down to the 7% neighborhood for the average conventional in line with the 30-year fixed scenario.
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