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Distressed Sales Normalizing; Mortgage Apps Flat; Rates Inch Higher; TRID Hurting Lending?

Distressed Sales Normalizing; Mortgage Apps Flat; Rates Inch Higher; TRID Hurting Lending?

Coming off their best day in over a month, mortgage rates held mostly steady today. Some lenders were just slightly higher. This is somewhat of an accomplishment considering the movement seen in underlying bond markets. Specifically, bond markets suggested a bigger move higher in rates today, based on the typical level of correlation. That said, it's not uncommon to see rates hold steady on days that follow the sorts of big moves lower we saw yesterday. The reason is simple: lenders simply didn't adjust rates lower at the pace that market movement suggested. As such, they had an extra cushion for today's weakness, which was largely intact by the time the first rate sheets of the day came out. The average lender continues to quote 4.0% on top tier conventional 30yr fixed scenarios, but several
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