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Mortgage rates greatly benefited from headline news yesterday. Around mid-morning we learned that Standard and Poor's had cut Greece's government debt rating all the way down to junk. That is as low as ratings go! Stocks, which have rallied for eight consecutive weeks, sold off sharply on the...
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Yesterday, prices of mortgage backed securities managed to regain some of the losses suffered at the end of last week which allowed lenders to offer better mortgage rates. After the closing bell, Intel reported better than expected earnings which caused a selloff in Treasury futures. Selling then intensified...