Mortgage rates did something over the past 3 days that they haven’t done since early June.  They moved sideways to slightly higher!  At the same time, interest rates in the broader bond market have been flashing a warning that the past 6 weeks of improvement might be meeting some resistance.  While that still may turn out to be the case, today was ultimately a victory, but there’s a catch.

Today was a victory in the sense that the underlying bond market improved enough for most mortgage lenders to offer slight improvements.  The catch is that those bond market gains happened gradually throughout the day and we didn’t hit the levels that would motivate most lenders until later in the afternoon.  By that time, a few of the slower-moving lenders were already past their typical window to make changes to the day’s mortgage rate offerings.

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