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Mortgage rates spiked earlier, then largely recovered to 7.59%

Mortgage News Daily said top-tier 30-year fixed rates would have been above 7.7% based on opening sheets, but they rebounded after around 9:30 a.m. ET.

Reported · Written up by our desk · Mortgages

Mortgage rates saw sharp intraday movement before ending near recent levels, according to Mortgage News Daily.

The outlet said top-tier 30-year fixed rates would have been over 7.7% if only opening rate sheets were used, but the bond market began recovering soon after the initial rates came out around 9:30 a.m. ET.

By 11 a.m., multiple lenders had already improved pricing, and an additional round of improvement occurred in the afternoon as nearly every lender cut rates at least once, with many adjusting more than once.

Overall, the average top-tier 30-year fixed rate rose just 0.03% versus the prior day to close at 7.59%, safely below recent highs.

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