Mortgage rates began the day slightly lower compared to last Friday, but that didn’t last long.  Underlying bond markets were under pressure from the outset.  When bond prices fall, rates move higher, all other things being equal. 

The bond market has a few concerns at the moment–many of them “relative.”  In fact, it’s hard to complain too much about mortgage rates “moving higher” when this afternoon’s final destination was still in the low 3% range for top tier 30yr fixed rate quotes.  Nonetheless, prospective mortgage borrowers’ concerns are also relative.  Specifically, when rates are noticeably higher in the afternoon versus the morning, it’s still a bummer, even if the outright levels are historically low.

…(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.