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Mortgage Rates Slightly Higher; Affordability Not Too Bad Outside California; China Currency Drama Fades. What Next?

Mortgage Rates Slightly Higher; Affordability Not Too Bad Outside California; China Currency Drama Fades. What Next?

Mortgage rates were just slightly higher on average for a third straight day. Much of this week was spent focusing on the effects of China's decision to (sort of) stop manipulating its currency. That was good for rates on Tuesday. As soon as China (sort of) started manipulating its currency again, rates began moving higher. If you need to catch up on that, we discussed it in more detail yesterday . Long story short: there was some drama that resulted in low rates, and once the drama ebbed, rates moved back up. Today was less about China and more about domestic economic data. In general, it continues to argue against some of the weaker data seen last week. Both of this morning's key reports were stronger than expected--one of them suggesting stronger inflation, the other, stronger manufacturing
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