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Rates Unchanged With Help From Fed; Panel Explores New Credit Score Models; Purchase Apps Increase

Rates Unchanged With Help From Fed; Panel Explores New Credit Score Models; Purchase Apps Increase

Mortgage rates were noticeably higher to begin the day, but most lenders offered mid-day improvements after the release of the hotly-anticipated Fed Minutes (from the March 14-15 meeting). For those that don't necessarily follow every little movement in the bond market, it's ironic that tend to move down just after the Fed releases big news that should imply higher rates. For example, in the case of the past 3 Fed rate hikes, day-to-day mortgage rates had been moving higher leading up to the hike and then generally moved lower after the hike was announced. If you've heard the phrase "buy the rumor, sell the news," that's what this paradoxical movement is all about. Market participants are so tuned-in to what will PROBABLY happen that they've fully accounted for what ACTUALLY happens. Widespread
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