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Mortgage Rates Back up To Highest Levels in More Than a Month

Remarkably little happened in the bond market today.  That means that mortgage lenders shouldn’t have any obvious motivations to make big changes to their rates, and in the big picture, that’s true.  Today’s rates are still very close to the past 3 or 4 days. If we zoom in farther than we probably need to, however, we find rates inching gently higher more often than not over the past month.  Today was just another day in that regard.  Unfortunately, it was the day where said ‘inching’ brought rates back up to last Friday’s levels.  Those (and now these) were the highest since December 13th. From trough to peak, we’ve seen an increase of 0.31%, almost perfectly matching the increase in 10yr Treasury yields (a common benchmark to compare the relative performance of mortgage rate movement). In the big picture, this increase is an acceptable loss given the 1.20% drop that preceded it.  In market-speak, this would be a correction and a fairly non-threatening one at that.   From here, rates have room to move in either direction depending on the tone of upcoming economic data and comments from the Fed.  The most important data won’t start hitting until next week, but there will be a few reports out on Thursday morning that could cause some volatility.  
Source: mortgagenewsdaily.comNew feed

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