It's been slow and steady, to be sure, but mortgage rates¬†finally inched their way up to the highest levels in more than a month today, depending on the lender. ¬†Some rate sheets were in line with April 9/10th levels while a few lenders were back in territory not seen since March 31st. ¬†
Interestingly enough, the higher rates arrive amid modest improvement in bond markets. ¬†Typically, bond market improvement results in lower mortgage rates, but in today's case, lenders were getting caught up with yesterday afternoon's weakness. ¬†In other words, bonds lost ground yesterday and not every lender had the time or will to respond to the market movement in the form of mid-day rate sheet changes. ¬†Instead, they waited until this morning to make the adjustment....(read more)Forward this article via email:¬†¬†Send a copy of this story to someone you know that may want to read it.