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Rates Back at 4-Year Highs; HUD Sued Fair Housing; Sellers are Optimistic

Rates Back at 4-Year Highs; HUD Sued Fair Housing; Sellers are Optimistic

Mortgage rates moved higher today as bond markets braced for impact from several upcoming events. Bonds dictate rates, and as investor demand for bonds falls, rates rise. Investors were faced with the challenge of bidding at an auction of 10yr Treasury notes today. In an environment where the Treasury is ramping up issuance in order to pay for fiscal initiatives, buyers want to see lower and lower prices before committing. Lower prices mean higher yields for investors and higher rates for consumers. The 10yr auction ended up going fairly well, but only after rates had already moved higher in the morning. In other words, the auction confirmed that rates needed to rise. The other hurdle to clear will be tomorrow's Consumer Price Index--a key inflation report that can have an immediate impact
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