From Matthew Graham at Mortgage News Daily: Mortgage Rates Hold Relatively Steady Despite Bond Market Weakness
Mortgage rates mostly held steady today, despite a move higher in broader interest rate indicators like the 10yr Treasury yield. Treasuries and mortgage rates typically track each other quite well, but that relationship has broken down in recent weeks due to the rapid drop in rates and the increase in volatility. The mortgage sector has a much tougher time adjusting to new realities compared to Treasuries. [Most Prevalent Rates 30YR FIXED – 3.5% – 3.625%]
emphasis added