Although secondary mortgage markets bounced around a wide range, mortgage rates held steady yesterday. At the start of the day, MBS moved considerably higher as a result of weakness in global equity markets. However when stock markets opened, MBS prices were unable to sustain gains and prices fell. As the day wore on MBS prices recovered losses, but ended up closing slightly lower on the day. Although some lenders repriced for the worse early in the day, many repriced for the better by the end of the day. All in all, mortgage rates were relatively unchanged near August lows.
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