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Mortgage Rates Moderately Lower After Yellen Testimony; Rental Market Big Winner After Recession; Refi Apps Bounce in Gutter

Mortgage Rates Moderately Lower After Yellen Testimony; Rental Market Big Winner After Recession; Refi Apps Bounce in Gutter

Mortgage rates once again focused more on domestic issues today as Greece had not yet voted to approve its bailout by the time US markets closed. While the results of that vote could cause volatility tomorrow, the absence of those results had little impact today. Instead, the financial markets that underlie mortgage rates were more interested in Fed Chair Yellen's semi annual congressional testimony. As a part of the testimony, Yellen's prepared remarks were released first thing in the morning, before lenders come out with their first rate sheets of the day. The interpretation was slightly negative for bond markets, implying slightly higher rates. Indeed, most lenders subsequently began the day at slightly higher rates vs yesterday. But as the day wore on, and as Yellen's actual conversation
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