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Volatility Looms for Markets and Mortgage Rates; Construction Spending Up Year-over-Year; Home Price Gains Accelerate

Volatility Looms for Markets and Mortgage Rates; Construction Spending Up Year-over-Year; Home Price Gains Accelerate

Mortgage rates didn't move much today. Whether or not you see today's rates in better shape vs yesterday depends on how your lender approached yesterday afternoon's quick deterioration in mortgage-backed-securities (the bonds that dictate mortgage rates). Many lenders recalled their initial offerings and raised rates yesterday afternoon. For those lenders, rates are slightly improved today. For lenders that didn't reprice yesterday, today's rates could actually be a bit worse. This stands to reason considering today's MBS levels are still weaker than yesterday morning's. We're in the middle of a potentially volatile week. Today could have been one of the days that contributed greatly to that volatility, had the economic data fallen farther from forecasts. As it happened, today's big manufacturing
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