Mortgage rates were mixed today, depending on the lender.  Virtually every lender began the day with slightly higher rates, but most offered mid-day improvements in response to market conditions.  

As always, worth remembering that when we talk about “rates” moving higher or lower on almost any given day, the average mortgage borrower will not be seeing an actual change in their “note rate” (the rate at the top of a mortgage/promissory “note”).  But note rates only comprise one side of the mortgage rate equation.  That’s because the cost of borrowing also depends on any upfront costs required by the lender (or credits provided by the lender). 

Mortgage rates tend to be offered in 0.125% increments and it takes quite a bit of drama in the bond market to imply that big of a rate change in a single day.  Upfront costs, however, allow for much smaller adjustments.  

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