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Lenders Warned About Early Payoffs; Rates at 4-Year Highs; Can They Bounce?

Lenders Warned About Early Payoffs; Rates at 4-Year Highs; Can They Bounce?

Mortgage rates experienced some ups and downs this week (mostly ups), but ultimately weren't able to capitalize on a few attempts to move lower. Monday's initial rate sheets were the highest in years, but they were soon superseded by afternoon improvements that followed the massive stock sell-off. Rates will often improve during a day where stocks are panic-selling because panicked dollars need safe havens to hide out in. The bond market (the thing that dictates rates) only got a small fraction of the safe-haven demand created by the stock rout. Add the volatility and confusion into the mix and lenders weren't too interested in making huge changes to rate sheets. From there, the rest of the week never saw anything as promising for the rate outlook. Wednesday afternoon and Thursday morning were
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