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Homebuilder Sentiment Continues Slide; Mortgage Rate Bounce Threatens Long-Term Trend

Homebuilder Sentiment Continues Slide; Mortgage Rate Bounce Threatens Long-Term Trend

Mortgage rates continued slightly higher today, further distancing themselves from last week's 1-yr lows. The average lender continues to quote conventional 30yr fixed rates of 3.625%, up from 3.5% during last week's better days, but t here are quite a few lenders who are back up to 3.75%. Outside of last week, today's rates are right in line with the lowest levels in more than a year. The modest amount of movement presents a bit of a curveball in assessing the longer-term trend. When rates fall as quickly as they have over the past 7 weeks, we can increasingly count on these sorts of bounces. On the occasions where the longer-term trend is over, the bounces typically maintain a certain upward momentum for several days. Today, by contrast, is definitely seeing upward momentum fade. As such
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