Mortgage Rates Rise; Volatility Builds Throughout Week; Homebuilders Wait on Impact of NLRB Ruling

Mortgage Rates Rise; Volatility Builds Throughout Week; Homebuilders Wait on Impact of NLRB Ruling

Mortgage rates moved moderately higher today as bond traders adjusted their holdings for the end of the month. Mortgage rates are dictated by trading levels of mortgage-backed securities (which in turn, tend to move in step with US Treasuries, generally speaking). Many traders are tasked with making certain trades by the end of the month. Sometimes that has a noticeable effect on how rates move, and today was one of those days. Unfortunately, it wasn't in a friendly direction. The day began with promise, however. In fact, many lenders were in better shape this morning vs Friday afternoon. But the market volatility began to take its toll as the PM hours approached, and virtually all lenders recalled initial rate sheets and moved higher. In some cases, that will merely mean higher closing costs