Despite a rally in stocks, mortgage backed securities managed to post nice gains yesterday after a stronger than expected 30 year bond auction. It is not very common to see stocks and bonds both rally on the same day especially when stocks tested their best levels in over three months. Several lenders did reprice for the better following the auction at 1pm as the gains in MBS price held to the end of the day. To remind readers, as the price of MBS move higher, lenders are able to offer lower mortgage rates.
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Mortgage Rates Holding Below 5.00%
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