Rates bounce back at weeks low

Mortgage rates were lower today right out of the gate, continuing a move set in motion by comments from Fed Chairman Bernanke late in yesterday’s session.  Markets didn’t have much time to react, but showed early hints at today’s strength in overnight trading.  Some mid-day volatility forced a few lenders to adjust rates higher, but once it was resolved, even more lenders adjusted rates lower before the end of the day.  The net effect is a 30yr fixed best-execution rate that’s more convincingly down in the 4.625% range, whereas some lenders were arguably near 4.75% yesterday.

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