If you’re just getting caught up, mortgage rates broke above 7% yesterday for the first time since 2002. Read our coverage to learn more about why rate quotes are all over the board: Yes, Mortgage Rates Are Now Over 7%, But It’s Complicated.
Today was an entirely different day. In fact, rates dropped not only back below yesterday’s levels, but all the way back to the end of last week (Thursday afternoon-ish, depending on the lender). This wasn’t necessarily the case earlier this morning, but almost every lender adjusted their rate offerings in the middle of the day–in many cases multiple times.
Mortgage rates are based on bonds. When bonds rally enough, mortgage lenders issue these “mid-day reprices.”
