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by Trevor Sines

Mortgage rates rose slightly again today, despite moderate improvement in underlying bond markets.  Typically, bond market improvement corresponds to lower rates.  Today was an exception because of the timing of recent volatility.  Friday afternoon saw a sharp deterioration in bond markets (implies rates moving higher), but for many lenders, it was too late in the day to reissue rate sheets.  Those lenders had to wait until this morning to adjust rates higher to account for the bond market movement.  In simpler terms, today's higher rates are merely a delayed reaction to Friday's bond market weakness.

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