Rates Remain Lower vs Last Week Despite Rising Today

February 10, 2017

Mortgage rates continued higher today, bringing them back in line with Monday’s levels.  Part of the rise was due to weaker trading levels in bond markets.  Just as important is the fact that many lenders didn’t raise rates yesterday afternoon as the bond weakness began (weaker bond markets imply higher rates).  In other words, unless bond markets improved overnight, this morning’s rates were already destined to be a bit higher than yesterday’s.

Even though today’s increase was far more substantial than yesterday’s, it leaves rates at levels that are still slightly better compared to last Friday.  Many lenders continue to offer 4.125% on top tier conventional 30yr fixed scenarios, though several have moved back up to 4.25% with today’s weakness.