There were blended true blessings in the home loan rate world today. The bad news is that today’s rates are just a bit greater than the other day’s, resulting in another 8 month high. The good news is that things were looking quite a bit even worse earlier in the early morning.
Home loan lenders prefer to set rates when per day despite the fact that those rates are dictated by motion in the underlying bond market. If bonds move enough, lenders will change rates mid-day. Today was one of those days and, fortunately, the change was in a friendly instructions.
Before the improvement, the typical lending institution’s leading tier 30yr fixed rate was approximately 6.7%, but afterward, just 6.64%.