The APY you see in the app is variable, meaning it can change at any time based on market movements and how active the vault is.
If your rate looks higher or lower than before, that’s completely normal — it adjusts in real time.
Some reasons your APY might look different:
Market activity has changed (more or fewer people borrowing funds)
The vault’s usage (utilization) has gone up or down
You can always check the live APY in the app — it updates automatically based on current vault conditions.
Want to understand how the interest is calculated behind the scenes?
Check this: Morpho Docs – Interest Rate Model