Mortgage Rates Little-Changed at Recent Highs

Today's mortgage rates are roughly in line with yesterday's for the average lender.  Some are in better shape while others are slightly worse off depending on yesterday's late-day changes.

This refers to the occasional necessity for a mortgage lender to update its rates in the middle of a business day in response to market conditions.  In other words, if bonds are losing ground, it's getting more expensive for lenders to offer any given rate and they may choose to raise rates slightly to make up the difference.

That's what happened yesterday.  Lenders who bumped rates higher were able to keep them unchanged to slightly lower today.  Those who abstained were forced to raise rates slightly this morning.  On average, it was a wash. 

Then there was a fair amount of intraday volatility today as well, but here too, it went in both directions and rates ended up fairly close to where they begin.  The average lender was just a hair higher.

By remaining in the same territory, rates are remaining at the highest levels in just over a month.  There's more potential for volatility as the week continues with additional economic reports over the next three days and a hotly-anticipated speech from Fed Chair Powell on Friday.