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Rates Moved Higher This Afternoon; Refi and Purchase Apps Rose Last Week; Fannie and Freddie Changes

Rates Moved Higher This Afternoon; Refi and Purchase Apps Rose Last Week; Fannie and Freddie Changes

Mortgage rates were steady to slightly higher again today, making it the 13th out of the past 16 business days without an improvement. The situation was more palatable earlier this morning and quite a few lenders were actually in better territory vs yesterday. As the day progressed, bond markets (which dictate mortgage rates) deteriorated, resulting in most lenders issuing negative reprices. All of the above means that some lenders remained in better shape than others , but they assumption is that they would "catch up" to the higher rates with tomorrow morning's rate sheets (assuming bond markets didn't change overnight). As is frequently the case, we're splitting hairs here, because that's what we have to do if we're following day-to-day mortgage rate movement. Most borrowers won't see a meaningful
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