Mortgage Rates Back Down From 2-Month Highs

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Posted To: Mortgage Rate Watch

Mortgage rates moved lower today, even though underlying bond markets (which ultimately drive rates) suggested a move higher. This happens from time to time and it’s usually a factor of timing. Today is no different. Bond markets were improving throughout the day yesterday, but started out at much weaker levels. Bond market weakness is associated with higher rates. As such, yesterday’s rates were the highest we’d seen in roughly 2 months. As bonds improved throughout the day, many lenders abstained when it arguably became time to release friendlier rate sheets. When that happens, lenders become more likely to pass along the market gains the following morning–assuming the market gains make it through the night. That was the case today, and it allowed lenders to put rates back in line with the…(read more)

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