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Rates Back to 6-Month Lows; Freddie CEO Fires Back; Home Sales Rebound; Fannie/Freddie Changes

Rates Back to 6-Month Lows; Freddie CEO Fires Back; Home Sales Rebound; Fannie/Freddie Changes

Mortgage rates continued lower today, largely getting caught up with yesterday's underlying market movements. Lenders were likely being cautious due to prospects for volatility in today's trading, not to mention the increased volatility seen on Tuesday and Wednesday. All things being equal, rates will be lower if volatility is lower because fluctuations in bond markets (which includes the mortgage-backed-securities that dictate mortgage rates) make it more expensive for lenders to guarantee rate locks. In other words, yesterday was only the first day where bonds fought back against a modestly weaker trend over the previous few days, and lenders didn't adjust rate sheets accordingly. When bonds held their ground again today, lenders were more willing to adjust rate sheets into better territory
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