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Lowest Rates in 3 Years; PHH Exits Correspondent Channel; Energy Not Hitting Distressed Sales

Lowest Rates in 3 Years; PHH Exits Correspondent Channel; Energy Not Hitting Distressed Sales

Mortgage rates moved lower today, following after the labor department reported lower-than-expected job creation in the month of April. Interestingly enough, the bonds that underlie mortgage rates did not improve today. Lenders were nonetheless able to offer noticeably improved rate sheets. Part of the reason is the uncertainty and potential volatility associated with today's employment data. There's always some chance it can send markets much higher or lower. As such, lenders don't set rates as low as they can when that uncertainty is off the table. The other reason is that lenders simply haven't been keeping pace with the bond market while rates have been trading near long-term lows. It's almost as if the rate sheets on any given day reflect the previous day's market movement. Normally, lenders
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