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Mortgage Rates Hold Steady Over Holiday Weekend

Posted To: Mortgage Rate Watch

Although many mortgage lenders were technically open for business last Friday, it’s a well-known unofficial holiday. Mortgage rate movement requires bond market movement, and the post-Thanksgiving Friday invariably sees fewer traders trading fewer bonds. Even when bonds do manage to move, the people in charge of setting mortgage rates at various lending institutions tend to play it safe. In fact, many lenders simply leave rates wherever they were on Wednesday and then simply plan on getting back to work on Monday. This particular Monday, however, the average lender is still in line with Friday’s and Wednesday’s rates. Some of them offered lower rates in response to strength in the bond market today. Those who abstained are expected to offer token improvements tomorrow, assuming the bond market…(read more)

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