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Mortgage Rates Have Moved Up From Last Week's Lows

Posted To: Mortgage Rate Watch

Mortgage rates definitely hit the lowest all-time lows of all-time last week, at least for conventional 30yr fixed scenarios without many risk-based adjustments. The most recently available Freddie Mac rate survey (which drives a majority of mortgage rate headlines) reported all-time lows as of last Thursday. Indeed, that was still true as of Thursday, but things have changed since then. The change began on Friday for most lenders as the bond market (which drives day-to-day changes in interest rates) began to lose ground fairly quickly. Notably, the weakness followed the best-ever levels in mortgage-backed bonds (which most directly affect mortgage rates). In other words, we had access to the best rates ever on Friday morning , but the average lender has moved slightly higher since then. Context…(read more)

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