Mortgage Rates Sharply Higher Amid Election Day Jitters

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Posted To: Mortgage Rate Watch

Mortgage rates began the day only moderately worse off than yesterday's latest offerings, but rose sharply throughout the day . In the late morning and early afternoon, bond market conditions deteriorated rapidly, resulting in most lenders recalling rate sheets to revise rates and fees higher at least once. Several lenders recalled rate sheets twice as markets trading in the secondary mortgage market continued to struggle. At first glance, it's fair to assume that the volatility is related to today being election day , though we'd hesitate to specifically assign market movements to potential changes in sentiment. In other words, we've previously suggested that a Romney victory would likely coincide with higher rates, but wouldn't go so far as to say "rates moved higher today because a Romney...(read more)

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