Mortgage Rates Staying Steady in New, Lower Range

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Posted To: Mortgage Rate Watch

Mortgage rates were slightly higher today, but remain in much better shape overall when compared to the last month of 2016. In many ways, the new year marked a shifting of gears for rates, or rather, the bond traders whose actions dictate the day-to-day movement. After the election, with its explosive consequences for financial markets, bond traders were only thinking one thing: duck and cover! In practice, this simply means that it was easy to convince bond traders to sell (which pushes rates higher) and nearly impossible to convince them to buy (which would help rates recover). In contrast, the first part of 2017 has seen traders poke their heads up and survey the scene. Some buying is going on, but it’s tentative for now. This translates to rates having moved back down from the more troubling…(read more)

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