In a genuine sense, today’s rate update is more of an addendum to the other day’s rate update. Yesterday afternoon saw heavy, continued selling in the bond market amidst a flood of trading connected with the end of the quarter. Because home mortgage rates are directly based upon the bond market, this led to multiple lending institutions raising rates late in the day (after yesterday’s upgrade).
Today has actually been much calmer by comparison with bonds holding fairly near to yesterday’s newest levels after some early weak point. Even so, there was still some weakness for home mortgage lending institutions to represent. From yesterday early morning, the average loan provider is up 0.11% on a leading tier 30yr fixed quote.
If we change the other day afternoon to represent the late day reprices, today’s rates are, instead, 0.05% higher. In any case, we’re currently back in line with the highs from the beginning of recently, but still listed below the highs from early June or mid-May.