Mortgage rates were unchanged to slightly lower today. Political drama in Europe pushed stocks lower overnight and sent investors toward safer haven assets like bonds. Higher demand for bonds pushes rates lower, all things being equal.
All of the above meant a stronger start for bond markets and slightly lower mortgage rates this morning. Still, the average improvement was so small that it was barely noticeable, largely because bonds had weakened yesterday afternoon, implying that lenders would have started today at a disadvantage were it not for the overnight improvement. Still with me there? In a nutshell, bond market weakness yesterday never made it onto lender rate sheets and this morning's bond market strength was just barely enough to counteract that weakness.
We're splitting hairs in the bigger picture, however, as rates are still in a very narrow range in general. Few borrowers will have seen any change in their quoted rates. Most adjustments have come in the form of slightly higher/lower closing costs over the past few weeks.