Mortgage rates were mixed today depending on the lender. Virtually every lender started the day with slightly higher interest rates, but most offered improvements at noon in response to market conditions.
As always, it is worth noting that the average mortgage borrower will not see any actual change in their “interest rates” when we speak of interest rates going up or down almost every day. “Note rate“(the interest rate at the top of a mortgage / note”). However, the interest rates on debt securities are only one side of the mortgage interest equation. This is because the cost of borrowing is also dependent on the upfront cost required by the lender (or the amount of credit provided by the lender).
Mortgage rates are usually offered in increments of 0.125% and it lasts quite a bit of drama in the bond market to imply such a large rate change in a single day. However, upfront costs allow for much smaller adjustments.
All in all, the average lender started the day in very similar territory to yesterday. Write down prices we are the same. Upfront costs were a hair higher. This afternoon upfront costs are down to yesterday’s levels (or slightly) lower), while the note rates remain unchanged.
Well qualified borrowers are listed less than 3% for conventional 30-year fixed purchases and a little more than 3% for refinancing. Depending on the program, there is still an above-average difference between the lenders.