Mortgage Rates Tick Slightly Higher But Maintain This Week's Range

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The underlying bond market (which dictates the rates offered by mortgage lenders) weakened moderately overnight.  Weaker bonds equate to higher rates, all else equal.  
The move in bonds wasn’t driven by anything specific  and shifts of this size don’t demand concrete justification in underlying data or events. It could simply be the case that traders were closing out trading positions for the week and the modest uptick in yields/rates was the incidental result. 
Mortgage-specific bonds were even less volatile today, resulting in a mere 0.02% increase in the average 30yr fixed mortgage rate. That brings our index back up to 6.29%, which is in line with this week’s other highs and still part of a very narrow range that represents the lowest general levels since October 2024.
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