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Mortgage rates edge higher, top-tier 30-year fixed averages 6.77%
Friday's average lender rate for a top-tier 30-year fixed rose 0.01% to 6.77%, with the day-to-day move described as separate from Treasury's mid-week bond buyback announcement.
Mortgage News Daily said Friday's mortgage rates were essentially unchanged from Thursday, but the average lender rate for a top-tier 30-year fixed ticked up 0.01% to 6.77%.
The outlet noted that while other coverage has focused on the mid-week announcement of a Treasury bond buyback program, Friday's bond-market volatility was not tied to that event.
It said current mortgage-rate levels are near where they were before Wednesday's announcement, arguing that the earlier market reaction may have been overdone.
Looking ahead, Mortgage News Daily pointed to a heavier slate of economic data in the coming week and the possibility of comments from Fed Chair Warsh at the Fed's annual Jackson Hole conference.