Article Summary
Mortgage rates held steady on Tuesday after starting the day near their highest levels since February. The underlying bond market was volatile, but a positive movement allowed lenders to make adjustments and bring the average rate back under 7% by the end of the day. Today, rates remained unchanged despite starting on a weaker note. However, it’s essential to note that these are averages, and individual lenders may offer slightly different rates.
What This Means for You
- Be aware that mortgage rates, although steady, are currently close to their highest levels in a month. Consider locking in your rate if you’re in the process of buying or refinancing a home.
- Monitor the bond market and stay informed about its impact on mortgage rates. Even small changes in the bond market can influence mortgage rates.
- Remember that different lenders have varying rate offerings. Shop around and compare rates from multiple lenders to find the best deal for you.
- Be prepared for potential future increases in mortgage rates. Stay flexible and consider contingency plans if rates continue to rise.
Original Post
Mortgage rates ultimately managed to hold steady on Tuesday despite some underlying market volatility. Rates change day to day (and sometimes intraday) based on movement in the bond market, and there’s been plenty of that.
Yesterday’s market movement was good for rates after starting out near the worst levels since February. This allowed most lenders to make positive adjustments, thus getting the average back under 7% by the end of the day.
Things started on a weaker note yet again today, but in a far gentler way. Because the underlying bond market was in roughly the same spot as it was when mortgage lenders revised their rates yesterday, today’s average remained unchanged.
All that having been said, it’s important to note that these are averages. Because different lenders react to market movement in slightly different ways at different times of day, an individual lender may be noticeably better or worse than yesterday depending on when you look.
The thing that should generally be true is this: by the end of business today, most lenders should be very close to their highest rate offering of the past month, roughly matching either yesterday’s or last Wednesday’s highs.
Key Terms
- Mortgage rates
- Bond market
- Lender rate adjustments
- Interest rates
- Market volatility
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