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OIG Says FHFA Needs Improvement, Lots of It; Rates Rise Despite Market Improvement

OIG Says FHFA Needs Improvement, Lots of It; Rates Rise Despite Market Improvement

Mortgage rates were slightly higher for most lenders today even though underlying bond markets suggested the opposite. This is partly a timing issue. Yesterday saw bond markets weaken throughout the day. Weaker bonds imply higher rates. After a certain amount of weakness, mortgage lenders will adjust rates and re-issue new rate sheets (aka a "negative reprice"). Many lenders did this yesterday, but not all of them. Even among the group that repriced, most of them did so earlier in the afternoon and bonds continued to weaken through the end of the day. The net effect of all of the above is that most lenders had some catching up to do with bond market weakness that they hadn't fully accounted for yesterday. Those that didn't merely kept rates roughly unchanged. Intraday volatility was, once again
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