Mortgage rates continue to hold steady as prices of mortgage backed securities keep to a confined range. Economic data yesterday was as expected and had no impact on trading. Yesterday,the Treasury Department completed the third leg of the August 2s/5s/7s auction cycle, raising $90 billion dollars this week. Although yesterday's the 7 year note auction saw above average demand, MBS prices didnt budge from their current range. Seasonal effects are obvious on Wall Street as slow summer trading has provided some irrational price behavior lately.
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Mortgage Rates Barely Budging
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