Non-QM pricing is more sensitive to bond-market stress than conventional pricing, and that sensitivity is built into how the product works. A conventional loan gets sold to Fannie Mae or Freddie Mac with a government backstop, which keeps its pricing relatively stable. A non-QM loan (bank-statement, DSCR, and similar programs) is bought by private investors with their own money and their own read on risk, so when markets get volatile, those investors pull back first. The move usually shows up in pricing rather than guidelines. In a stretch of real bond volatility, non-QM investors worried about liquidity will widen pricing, sometimes by a point or two beyond what the broader market actually moved. Underwriting rules (who qualifies, at what loan-to-value) tend to hold steady through it, and pricing typically recovers most of the way once conditions settle, though never uniformly across every lender. If you're using non-QM, two practical implications: your quote can swing more day to day, and some non-QM loans can't be locked until they're fully approved, so timing and lock strategy matter more than on a vanilla conventional loan. Work with someone who watches that market closely and can tell you when a spike is noise versus a real repricing. We're glad to be that read on a non-QM file.