Glimmer of Hope in Rate Stability, But It Could Be a Trap; Delinquencies Decline; Prepayments vs Refis
Mortgage rates remained in a very narrow range near their highest levels in roughly 3 months today. If you're into splitting hairs, we could discuss the fact that the average lender is charging microscopically lower closing costs for the same rates quoted yesterday, but most borrowers won't even see a change in rate quotes. The sideways momentum isn't all too surprising given that the week's biggest potential market movers are all coming out over the next 3 days. The past 2 days, then, have been a nice reprieve from the consistently higher rates seen since June 27th. But undertand the reprieve is not necessarily an indication of a reversal. Even if the coming days end up helping rates, there are lingering risks regarding the European Central Bank (ECB) policy announcement on July 20th. It's
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