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Mortgage Rates Up Slightly, But Still in Great Shape

Mortgage rates rose modestly today after spending the past 2 days moving sideways.  It was really yesterday’s market weakness that caused today’s move.  Mortgage rates are most directly affected by the trading of mortgage-backed securities (MBS).  When MBS are weaker, rates rise.  MBS were weaker throughout the day yesterday, but not by quite enough for lenders to go to the trouble of revising their rate sheets for the worse.  Instead, lenders simply waited until this morning to make the changes implied by the market.  This delayed reaction is common when the market movement on any given day isn’t quite enough to justify lender reprices….(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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