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Mortgage Rates Move Slightly Lower

Mortgage rates moved slightly lower today depending on the lender.  Those who raised rates yesterday afternoon (most of them) were able to offer slightly better terms this morning.  Lenders who held firm yesterday were forced to adjust rates higher this morning.  In other words, there was some pain to be distributed due to yesterday’s bond market losses.  Most took care of that yesterday while a few waited until this morning. 
Today’s economic data was sparse, but the most relevant report this morning proved helpful for rates.  The Philadelphia Federal Reserve publishes a monthly business survey that market participants use to gauge the broader domestic economy.  It undershot expectations by quite a bit, including those for the level of employment.  This suggests the economy won’t necessarily stampede back to pre-covid levels.  The more doubts about the economic rebound, the better it is for rates, all other things being equal. …(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.
Source: mortgagenewsdaily.comNew feed

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