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Rates Rise Ahead of Fed Minutes; Residential Construction Bounces Back From Dismal March

Rates Rise Ahead of Fed Minutes; Residential Construction Bounces Back From Dismal March

Mortgage rates moved higher today as investors sold assets ahead of tomorrow's Fed Minutes. Asset prices move lower when sellers outweigh buyers, and when the price of bonds moves lower, rates rise. This was most evident in the shorter-term bonds that react more to the Fed Funds rate. In other words, 2yr Treasury yields rose more than 10yr Treasury yields or mortgage rates. In fact, today's increases in mortgage rates were fairly gentle by comparison--so gentle that we might worry that we're seeing a bit of a delayed reaction. This has been a common theme in recent weeks, but has tended to happen in the other direction (where bond markets suggest rates should have moved lower on any given day only for it to happen the following day. Simply put, bonds markets are suggesting rates should have
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