Mortgage Rates Start Strong But End Higher
Mortgage rates have had a great couple of weeks after jumping to multi-month highs at the beginning of January. By yesterday, they'd made it almost all the way back to their best recent levels. The same was true this morning, but things have changed since then. The bond market (which dictates rates) had its worst day in several weeks. This was at least partially in response to volatility in equities markets which helped bonds yesterday but hurt them today. When bonds lose enough ground during the course of a day, mortgage lenders can adjust their rate offerings with what's known as a "mid-day reprice." Reprices can be for the better or worse. Today's were worse , but the damage is far from severe --only unwinding a day or two of the recent improvement. The average mortgage borrower would likely

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Source: mortgagenewsdaily.com