Mortgage Rates Jump to 2-Week Highs; Not a Bubble if it Doesn’t Burst
What a difference 2 days make! Freddie Mac's weekly rate survey was out yesterday prompting multiple news outlets to declare "slightly lower rates" on the week. Given that Freddie's survey only gathers responses through any given Wednesday, the results jived with what we were seeing on lenders' actual rate sheets. On Wednesday, mortgage rates were indeed at their best levels in more than 3 weeks. But after 2 days of relatively aprupt weakness, rates quickly find themselves at the highest levels in 2 weeks. Adding to the frustration is the absence of any single, obvious motivation for the weakness. In order to account for it, we'd have to discuss several esoteric developments in bond markets (if you're into that sort of thing, I go into more detail in the MBS Commentary channel). One simple
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