Mortgage Rates Remain Steady
The average top-tier 30-year fixed rate held steady on Friday, despite a slightly weaker bond market.
Normally, weaker bonds would lead to higher rates, but the timing of market movements is crucial. In this case, bonds were stronger than the first half of the previous day and only weaker compared to closing levels.
Mortgage lenders typically set rates once per day, adjusting only after significant market volatility. As a result, lenders hadn't fully adjusted to the previous day's bond market gains, providing a cushion that absorbed the modest losses.
The average rate remains in line with the lowest levels in over a month, with only a handful of days having lower rates since late 2022.
the average rate is officially in line with the lowest levels in just over a month
Author's summary: Mortgage rates hold steady near 3-year lows.