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Fannie/Freddie Single MBS is Live; Rates Nearly Flat Despite Scary Market Movement: Patience or Panic?

Fannie/Freddie Single MBS is Live; Rates Nearly Flat Despite Scary Market Movement: Patience or Panic?

Mortgage rates hit their best levels since late 2017 yesterday and have generally been making stellar moves for the past 2 weeks. To be fair, it's been the broader bond market (which dictates mortgage rates, among other things) that's been making the most stellar moves. Mortgages merely got pulled along for the ride. It's disconcerting and perhaps even alarming , then, to see that broader bond markets scurried back in the other direction today. Depending on the time of day, the bond market weakness (which coincides with rising rates) ranged from moderate to significant . To put it in context, 10yr Treasury yields (which tend to move in concert with mortgage rates) moved higher at the fastest pace in nearly 2 months today. With that in mind, it's nothing less than striking to consider the average
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