Rates Little-Changed Near Recent Highs; Underwater Disparity; Lender/Investor Changes; Week Ahead
Mortgage rates improved somewhat today, on average, but the gains were modest. Some lenders were unchanged from Friday afternoon's latest levels. That leaves us essentially in line with the highest rates since early April, after having been at 8-month lows just 2 weeks ago. From 8-month lows to 3-month highs is an abrupt move taken at face value, but it's made possible due to a narrow range persisting during that time (relative to other stretches of 8 months of time). In terms of today's finer detail, it may as well have been a 3rd day of the weekend as far as bond markets (which underlie rates) were concerned. Trading levels haven't moved out of their recently higher, narrower range since last Thursday morning. That will likely change --if not tomorrow, then shortly thereafter. The second
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