Mortgage Rate Recovery Continues; Just a Game of Pin The Tail?

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Posted To: Mortgage Rate Watch

Mortgage rates continued picking up the pieces today , after skyrocketing to their highest levels in over a year to begin the week. The past two days of improvement only serve to recover a small portion of what's been lost so far in the month of May, however. To put things in perspective, we have yet to see some lenders recover even half of the losses from Tuesday alone! Best-execution remains at 4.0% but 3.875% is starting to look more viable. While the trend of the past two days is welcome relief after Tuesday's rout, they're just that: relief. In other words, we're not in a situation where we can definitively conclude that all biases toward higher rates have been washed out of the market at this point, and the two days of positivity have had more to do with correcting the final landing zone...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/310748.aspx

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