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Widespread Negative Reprices Take Rates to 4 Percent After Yellen; Distressed Sale Momentum Slowing; Fannie Updates

Widespread Negative Reprices Take Rates to 4 Percent After Yellen; Distressed Sale Momentum Slowing; Fannie Updates

Mortgage rates maintained their upward momentum today, rising to the highest levels since late September after Janet Yellen confirmed the Fed's rate hike outlook. Bond markets (which include the mortgage-backed securities that most directly affect mortgage rates) began adjusting for that outlook last week after the Fed announcement. Markets saw a roughly 1 in 3 chance of a December rate hike before that announcement, and better than 50 percent afterward. The Fed Funds Rate is a short-term lending rate that does not directly dictate longer term rates like most mortgages rates, but it's common to see the entire spectrum of rates move higher in anticipation of a Fed rate hike. Clearly that anticipation increased last week, and only gathered steam into the current week. With Yellen scheduled to
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