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Mortgage Rates Finishing the Week Where They Started

You never know where good news will come from, but this morning’s data was very strong and would indicate higher interest rates, but we have seen just the opposite. It has been another up and down week for bond yields and mortgage rates. Right now, we are looking at rates finishing out the week at levels close to where they started. While we have lower rates now, that could change quickly.
Where Are Mortgage Rates Going?  >>> Rates down on the day as we head into the weekend
Financial market participants have an appetite for bonds today, pushing down Treasury yields. The yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) is down almost five basis points to 2.86%. We saw that yield hit a 4-year high on Thursday at 2.93%.
Mortgage rates typically move in the same direction as the 10-year yield, and as we saw in the Freddie Mac Primary Mortgage Market Survey this week, the average rate on a 30-year fixed rate mortgage jumped up six basis…

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