It's been slow and steady, to be sure, but mortgage ratesÂ finally inched their way up to the highest levels in more than a month today, depending on the lender. Â Some rate sheets were in line with April 9/10th levels while a few lenders were back in territory not seen since March 31st. Â
Interestingly enough, the higher rates arrive amid modest improvement in bond markets. Â Typically, bond market improvement results in lower mortgage rates, but in today's case, lenders were getting caught up with yesterday afternoon's weakness. Â In other words, bonds lost ground yesterday and not every lender had the time or will to respond to the market movement in the form of mid-day rate sheet changes. Â Instead, they waited until this morning to make the adjustment.