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Existing Sales Drop Most Since Tax Credit Expiration; Rates Bounce Higher; TRID Hitting Consumers and Industry

Existing Sales Drop Most Since Tax Credit Expiration; Rates Bounce Higher; TRID Hitting Consumers and Industry

Mortgage rates bounced slightly higher today, ending a 4-day winning streak that began with last Wednesday's Fed rate hike. Generally speaking, the bond markets that underlie mortgage rate movement were prepared for more volatility and have been able to lower those defenses (i.e. move back down in rate) after the reaction to the Fed rate hike proved to be fairly orderly. That's not the only reason for the divergence between mortgage rates and the Fed Funds rate, but it's probably the biggest reason and certainly the easiest to understand. Today's move wasn't extreme in terms of ground covered. The average lender is back in line with rate sheet offerings from late last week. For most, that means no change in the actual interest rate being quoted--just a moderate increase in the upfront closing
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