Mortgage ratesÃ‚Â movedÃ‚Â higherÃ‚Â today in most cases, but not by much. Ã‚Â More interesting is the fact that rates held their ground as well as they did considering several strong economic reports this morning. Ã‚Â Strong economic data typically leads investors to sell bonds, which in turn results in lower bond prices and higher rates.
This morning’s dynamic was quite different. Ã‚Â While the stronger economic data was briefly acknowledged with some temporary weakness in bonds, the broader trend remained favorable. Ã‚Â Bonds actually improved a bit heading into the afternoon.