Mortgage rates¬†were steady to slightly lower today, even though bond market movement suggested a move higher. ¬†That's interesting because mortgage rates are driven primarily by bond market movement. ¬†It's not common to see the two moving in the opposite direction. ¬†So what gives?
In today's case, the discrepancy is pretty easy to explain. ¬†Bonds and rates both improved fairly substantially yesterday. ¬†Bond markets improved a bit more in the afternoon and most lenders didn't have the time or the will to react with rate sheet improvements....(read more)Forward this article via email:¬†¬†Send a copy of this story to someone you know that may want to read it.[img]http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=725932