Mortgage rates may be higher or lower than the previous day right at the outset or they may move higher or lower in the middle of the day if the underlying bond market moves enough in either direction.  Today, the opening levels were just where they needed to be to ensure no change.  While bond markets did move a bit, we never saw anything quite strong or weak enough to result in lenders changing rate sheets.

Most lenders continue to quote conventional 30yr fixed rates in the 3.75% to 3.875% range.  Any changes from yesterday would be seen in the form of microscopic adjustments to the upfront cost/credit (as opposed to the “note rate” itself).  Apart from October 2nd, today’s rates sheets are right in line with the recent run of 5-month lows.