Posted To: Mortgage Rate Watch

Mortgage rates continued higher on Tuesday after reaching the highest levels in months by the end of last week. The bond market was closed on Monday, which meant today was the first time most lenders updated their mortgage rate offerings since Friday. Although bonds are most directly responsible for the day-to-day movement in mortgage rates, we don’t always see a logical correlation between the two over the short term. For example, bonds are actually in better territory today (something that implies lower rates). So why are rates higher yet again? The main issue is the fact that last week ended with bonds losing ground and that was especially true for mortgage-backed securities (MBS), which most directly affect mortgage rates. While most lenders had already made upward adjustments to rates…(read more)

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Published On: October 12, 2021 / Categories: Mortgage News /

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