Rates Gyrate on Political Headlines; Fed Tomorrow
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by Trevor Sines

Mortgage Rates continue to operate near 5-month highs, after putting in a mixed performance today.  The morning was especially bad as stronger global economic data pushed US bond markets to their weakest recent levels (weak bonds = high rates).  The tense market environment surrounding the presidential election worked in rates’ favor in the afternoon.  Headlines broke regarding new documents being posted by the FBI regarding a 2001 probe of the Clinton Foundation.  Although the details and rationale were sketchy, the news logically benefits Trump to an undetermined extent.  Because markets generally associate Trump with greater uncertainty, and because uncertainty motivates bond buying, bonds improved rapidly into the afternoon.  Most lenders issued positive reprices, bringing rates back in line with Friday’s rates.

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