Mortgage rates dodged a bullet yesterday. As you know mortgage rates have basically mirrored the movements of the stock markets recently. As stocks rallied, loan pricing worsened and mortgage rates rose. As stocks sold, loan pricing improved and mortgage rates fell. This relationship has dictated the direction of mortgage rates since early April. While interest rates generally managed to hold their ground against the effects of the “stock lever” yesterday, benchmark yields still rose. There was good news though, although MBS prices declined, most lenders did not reprice for the worse. U
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