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New Home Sales Contract Sharply; HUD Budget Implications; Lots of Newly-Built Homes, but the Wrong Kind

New Home Sales Contract Sharply; HUD Budget Implications; Lots of Newly-Built Homes, but the Wrong Kind

Mortgage rates began the day in decent shape with the average lender roughly unchanged versus yesterday. As the day progressed, bond markets (which dictate rates) weakened. Most lenders were forced to reissue slightly higher rates in the afternoon. Any lenders who didn't raise rates this afternoon will instead have to account for the weakness in tomorrow morning's rate sheets. In other words, some lenders will be offering higher rates tomorrow morning, even if markets don't move at all between now and then. Over the past few days, it's not only been easy, but downright logical to dismiss mortgage rate movement as being very small in the bigger picture. While that remains true for today's mortgage rates, today's bond market movement suggests a bit more caution heading into the holiday weekend
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