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Mortgage Rates Have Given Back Almost All of October's Gains
In 3 short days, the average top tier 30yr fixed mortgage rate has risen 0.32% to 7.50%, erasing a vast majority of the improvement seen over the past 5 weeks. Today's increase wasn't nearly as sharp as each of the previous 2 days, but it wasn't small either. Notably, rates went higher today even though the underlying bond market held reasonably steady. On most days, a flat bond market would result in far less rate movement. Today was an exception largely due to timing.
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Mortgage News DailyMortgage Rates Have Given Back Almost All of October's Gains