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Builder Confidence Dips, But Still Near All-Time Highs; Rates Unchanged After Starting Higher

Builder Confidence Dips, But Still Near All-Time Highs; Rates Unchanged After Starting Higher

Mortgage rates began the day at higher levels, as bond markets lost ground overnight. Bonds dictate rates, and "losing ground" means bond prices are falling. When bond prices fall, rates move higher. There's some chatter in the marketplace about developments in Syria being the motivation for every little move in bonds/rates. Rather, it's more accurate to say it's ONE OF the motivations behind SOME of the moves. Bonds had a few other concerns overnight. That's why they were able to improve during domestic hours even though nothing changed with respect to Syria. As bonds improved, most lenders ended up releasing positively-revised rate sheets. After the revisions, today's mortgage rates ended up in substantially similar territory to last Friday's. Lenders who didn't reprice are naturally still
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