Rates Should See More Volatility; Pending Sales Recover, but Annual Gain Shrinks
Mortgage rates were decidedly mixed today, depending on the lender. Some were in better shape compared to last Thursday (markets were closed on Friday) while others were decidedly worse. Most of the differences between lenders can be explained by last week's pricing strategies heading into the holiday weekend. Bond markets were under pressure on Thursday afternoon. That typically means lenders will be increasing rates and putting out new rate sheets in the middle of the day. Indeed, that happened in quite a few cases on Thursday. Other lenders simply left the morning rate sheets intact, and they're the ones who moved to higher rates today, effectively getting caught up with the rest of the market. In and of itself, today was mildly positive, but didn't do much to affect the big picture. In
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