Hello...hope the day is going well...
When it comes to obtaining financing, everyone is concerned with what rate they're getting. In some cases, the rate has more significance than in others (ie. rate/term refinance vs. debt consolidation). Everyone knows where to look for current rates, but many don't know how they're calculated or what makes them move.
I tell all my clients that rates don't move; it's their price that fluctuates. In a nutshell, mortgage rates are tied heavily to the 10-year Treasury bond yield. Typically, when the yield goes up, rates go up and so do their cost. If the yields go down, rates go down. Bond prices have are inversely proportionate so make sure you make note of the difference. Other factors, especially economic matters, are always causing bond yields to move one way or the other. Usually, if it's bad news for the economy, it's good news for mortgage rates. The opposite is also true.
Here's a great article to learn more about the topic:
And by the way, be cautious of online rate quotes or advertisements. They usually assume the most ideal loan scenario possible, and many include hidden points. Did you know that bankrate.com was involved in a class action lawsuit for allowing false and misleading interest rate quotes? It's best to talk directly with a mortgage professional who will quote you rate options based upon your loan scenario - every one is different and there are many variables to account for.
If you have any questions, please let me know.