What moves mortgage rates from day to day, explained without forecasts
Lender rate sheets
Forecast-free answer
Each morning, lenders publish internal rate sheets based on what investors are paying for mortgage bonds, plus their own costs and appetite for business. That is why two lenders can quote different terms on the same day for the same borrower. Comparing written Loan Estimates from the same day is the fair way to compare.
Last reviewed against the primary sources listed below.
What goes into a rate sheet
- Prices investors pay for mortgage-backed securities.
- Investor pricing adjustments.
- The lender's own costs and goals.
Why it matters
Market background is explained by the CFPB rates explorer, but your own quote depends on the lender.
Market questions
Why do lenders quote different rates on the same day?
Each adds its own costs and margins to market prices.
Where does a lender's daily pricing come from?
From what investors pay for mortgage bonds, adjusted by the lender.