Mortgage rates this afternoon are higher than yesterday’s latest levels. This is due to the weakness in the bond market seen last night and earlier this morning. Why would yesterday’s market movement be important? Simply put, it was too late for many lenders to bother adjusting their rate schedules.

Bonds continued to weaken this morning, making them an easy pick for mortgage lenders. The average lender was very close to the highest levels in recent months seen on November 6. Fortunately, bonds managed to improve afterward and most lenders were eventually able to offer positive repricings. That wasn’t enough to return rates to yesterday’s levels, but it erased about half of the weakness.