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Rates Lower Despite Bond Losses; Cash Outs No Concern Yet; Prices Rising Slower; Normal vs Actual Reversal

Rates Lower Despite Bond Losses; Cash Outs No Concern Yet; Prices Rising Slower; Normal vs Actual Reversal

Mortgage rates fell modestly today despite some weakness in underlying bond markets. Typically, when bond yields (which move inversely with bond prices) are rising, mortgage rates tend to be higher as well. That wasn't the case today for a few reasons. The most obvious reason is that bond markets didn't move that much. Slightly more subtle is the fact that most of today's trading activity took place within yesterday's range, and yesterday ended on a low note for yields. In other words, bonds yields were only "higher" when compared to yesterday afternoon's levels, but roughly in line with everything else. Finally, mortgage rates simply have not and will not keep perfect pace with the movement in broader bond markets. As we've discussed frequently this past week, both the bonds that underlie
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