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by Trevor Sines

It's been slow and steady, to be sure, but mortgage rates finally inched their way up to the highest levels in more than a month today, depending on the lender.  Some rate sheets were in line with April 9/10th levels while a few lenders were back in territory not seen since March 31st.  

Interestingly enough, the higher rates arrive amid modest improvement in bond markets.  Typically, bond market improvement results in lower mortgage rates, but in today's case, lenders were getting caught up with yesterday afternoon's weakness.  In other words, bonds lost ground yesterday and not every lender had the time or will to respond to the market movement in the form of mid-day rate sheet changes.  Instead, they waited until this morning to make the adjustment.

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