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Mortgage rates end the day slightly lower after a brief uptick

Mortgage News Daily said the average top-tier 30-year fixed rate finished at 7.43% for the day, after briefly rising early to add 0.04%.

Reported · Written up by our desk · Mortgages

Mortgage News Daily said mortgage rates rose more than half a point over the past two weeks, a pace the outlet described as extraordinarily uncommon, occurring less than once per year on average between 2010 and 2019.

The outlet reported that the day’s initial jump was modest, adding 0.04% versus the prior day and leaving the average top-tier 30-year fixed rate just below 7.50%.

Mortgage News Daily attributed much of the early increase to lingering effects from the prior day’s volatility, noting that the underlying bond market had already improved when the rise was recorded.

In the afternoon, additional gains prompted lenders to drop rates back below the prior day’s latest levels, with a final mark of 7.43% for the average lender, according to Mortgage News Daily.

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