Home mortgage rates might be based straight on the bond market, however the 2 do not always move in ideal lock-step. Today was a fine example of that. Bonds improved enough for rates to move modestly lower according to normal correlation. Rather, the average home mortgage lender improved by the tiniest possible amount that we register on our everyday rate index.
When this happens, it’s typically able to be described by the timing of intraday volatility in the bond market which’s generally the case this time around. Basically, the other day morning’s finest levels lined up with this early morning’s weakest levels although the bulk of today’s trading took place in reasonably more powerful territory.
There was no major intraday volatility tied to any news headings or financial reports. Tomorrow is likewise relatively quiet on the set up information front, however the calendar warms up a bit on Thursday early morning.