Mortgage Rates Edge Slightly Higher

Mortgage rates were flat-to-slightly-higher yet again today.  Whereas that depended on the lender yesterday, today's weakness was more universal.  That's not to say it was extreme, however.  The average lender would still be quoting the same note rate as yesterday but with microscopically higher upfront costs (thus making the total cost of financing slightly higher, which is why we say "rates" rose).

Economic data and financial news headlines (2 things that tend to drive day to day volatility in rates) were fairly quiet today.  It's no surprise then, that underlying bond market movement (which directly dictates rates) was uneventful.  That may well change tomorrow as investors digest the week's first major economic data, a key informational release from the Fed, and the details of an emergency summit in the EU to determine the fate of Brexit.  While the latter isn't necessarily going to determine the direction of rates in the long term, it can definitely have a short-term impact.

This Daily Mortgage Rate Update is provided in partnership with Mortgage News Daily.