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Another Surprisingly Strong Day For Mortgage Rates

Another Surprisingly Strong Day For Mortgage Rates

Just yesterday, we were nodding in agreement and acceptance of the fact that rates were better served by cooling off a bit (read: "rising") after improving at a pace that seemed too quick for the motivations earlier in the week.  In other words, it was a bit of a pickle to explain why Tuesday and Wednesday's news and data were worth a surge to 3-month lows. Now today, we're right back in the same pickle, but everyone who's cool knows that pickles are delicious.  Today's is no exception with the average lender easily moving down to new 3-month lows. As for motivations, today actually wasn't quite as pickled as Wednesday.  We had the week's most anticipated economic report and the most anticipated Fed speech. ISM Manufacturing only came in a bit weaker than expected (good for rates
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