The bond market had a rough day yesterday and yet it has had little affect on today’s mortgage rates. This is likely due to previous rate increases to try and slow down the overwhelming rush to refinances that has underwriting backed up for weeks.
Something interesting is happening with the FED’s buy back program for mortgage backed securities. As mortgage bonds are traded, they come at certain "coupon" rates and are sold in .5% intervals. For instance, right now we are watching the 4% Fannie Mae
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