A steady rally in benchmark Treasury yields yesterday helped prices of mortgage backed securities move to five month highs which allowed lenders to keep mortgage rates near five month lows. The major event that took place in the rates market yesterday was the Treasury auction of $20 billion in 10 year notes. Demand from investors was very strong which contributed strength to the move higher in MBS prices. Since the price gains were consistent into the close, a few lenders did reprice for the better. …(read more)
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Same Story: Mortgage Rates Steady Near 5 Month Lows
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