Rates Fall For First Time in Over a Week

Closely following intraday moves for the bond market and mortgage rates means that seemingly insignificant time frames are actually important . For instance, it's actually not too common for rates to make it more than 5 business days without falling at least once--even if only slightly. Thankfully, today's modest drop in rates puts an end to just such a streak (rates hadn't improved since last Monday). In a way, this improvement was almost " owed " to prospective mortgage borrowers considering yesterday's counter-intuitive results (higher rates despite bond market gains). For a few moments this morning, it wasn't entirely clear that we would see any improvement. Bonds initially balked at an inflation report released this morning ( spoiler alert: it's still high), but were ultimately able to...(read more)

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