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Mortgage rates edge up again, despite bond market improving

The average top-tier 30-year fixed rate rose 0.02% to 6.75% for a third straight day, partly because lenders only adjust pricing when bond moves are large enough.

Reported · Written up by our desk · Mortgages

Mortgage News Daily reports that mortgage rates continued higher on Tuesday, extending a three-day streak as the average top-tier 30-year fixed rate climbed 0.02% to 6.75%.

The outlet notes that bond markets were slightly better than the prior day, a development that would typically support lower mortgage rates. The catch was timing: mortgage lenders generally update rates once per day, usually around 10am ET, and only change them if the underlying bond market makes a sufficiently large move.

Because bonds lost ground earlier, lenders kept rates adjusted from that weaker period rather than resetting immediately. Today, bonds improved versus opening levels, but not enough for most lenders to reduce the rates they had already set this morning.

Mortgage News Daily adds context that current rates are slightly below the midpoint of the past four weeks, while that four-week window sits at the top of the range over the past year. It also says the past 12 months represent the best stretch for rates since late 2022, with today’s level still below the midpoint of the past four years.

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