Mortgage rate movement was fairly uneventful last week. The bond market (which is most directly responsible for driving day-to-day changes in mortgages rates) was focused on consolidating, meaning the gaps between lows and highs were getting smaller and smaller. At the same time, there wasn't significant movement in the average trading prices of the bonds that underlie mortgages. In other words, rates were mostly sideways for much of the week. Over the past few business days, the sideways momentum gradually began to give way to modest improvements. Lenders have been slow to adjust their rate s...
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