Mortgage Rates Back Near Recent Lows

Mortgage rates improved today following a slightly weaker reading on Retail Sales data this morning. It seems that bond markets were waiting to rule out the possibility of stronger data. Reason being, the pace of the improvements was aggressive considering the fact that the Retail Sales report was very close to forecast levels. Improvements in bond markets equate to rates moving lower. Despite the quick move initially, bonds were unable to keep the rally going. Mortgage-backed securities lost enough ground in the afternoon for several lenders to raise rates, but the net effect is still clearly positive compared to yesterday. Most lenders had already been quoting conventional 30yr fixed rates…
Mortgage Rates Newsletter – Market Analysis

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