Homeowners Becoming Homebodies; Mortgage Rates Little-Changed as Markets Close Early
Mortgage rates were unchanged-to-slightly-higher today, depending on the lender. Most lenders put out rate sheets in fairly conservative territory on Wednesday for the express purpose of not needing to mess with them too much today. With the Friday after Thanksgiving being an early close for bond markets, lenders tend to check in once in the morning to set rates high enough that they won't be forced to issue "reprices" (mid-day rate sheet changes) on that off chance of market volatility. That was the case today, as a mid-morning swoon in bond prices--that normally would have seen a few lenders raise rates--instead passed without leaving a trace. Unfortunately, the absence of movement means rates continue to operate at the highest levels since June 2015. And in some cases, rates are as high
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