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Rates Hit April Highs; Home Sales Bounced Big in March; Mortgage Apps Stagnant; FTHB’s are Key

Rates Hit April Highs; Home Sales Bounced Big in March; Mortgage Apps Stagnant; FTHB’s are Key

Mortgage rates jumped significantly higher today, relative to the almost perfectly flat trend that's been intact for more than a week. We were already a bit cautious due to yesterday's underlying market weakness, but today's move was far swifter than yesterday's imbalances would suggest. Viewed in the context of 10yr Treasury yields--a common yardstick for mortgages--we'd been holding under 1.80% for more than a week. It was one of the key levels traders were watching for a shift in momentum, followed by 1.84%. Less than 2 hours after 10yr yields broke 1.80 this afternoon, they catapulted themselves well over 1.84. Fortunately (and we're talking about "silver lining" on a dark cloud here...) mortgage-backed-securities tend to undergo smaller versions of the movement seen in 10yr Treasuries
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