MEI Appraisal Company, LLC - Mortgage Rates and Calculator

There are too many counter-intuitive and frustrating developments in the mortgage market to comprehend all at one time, let alone discuss.  That's not a cop-out as much as it is a favor I'm doing for you.  If we tried to cover all of the nonsensical ground right here, this would become yet another wall of text in this era where they're all too common.  So I'll try to make this pithy and interesting.

The bottom line is that mortgage rates are all over the place, depending on the lender and the loan program.  Lender rates on the same program are farther apart than they've ever been.  Day-to-day and intraday movements are huge and seemingly random.  Whereas mortgage rates typically take a vast majority of their guidance from the trading levels in the mortgage bond market (95%+), the correlation is less than 50% right now.  On many mornings (like today), mortgage bonds say rates should be lower, yet they were unequivocally higher for most lenders.