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by Trevor Sines

Mortgage rates moved lower today following back-to-back afternoons of improvements in underlying bond markets.  Yesterday afternoon was only slightly stronger.  It didn’t result in many lenders offering mid-day improvements in rate sheets.  Today, however, multiple lenders put out positive reprices after a well-received Treasury auction indicated strong investor demand in the bond market (higher demand for bonds = lower rates).

The average lender is back to their best levels since December 14th.  Whereas 4.375% had easily been the most prevalent conventional 30yr fixed quote for top tier scenarios, 4.25% is at least as common today.  All that having been said, rates were already fairly close to that tipping point.  The range has been calm and narrow over the past 2 weeks.  Today’s move stands out against that backdrop, but isn’t much more than an ordinary day any other time of the year.

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