Mortgage Rates Falling Back in Line With Best Recent Levels
Mortgage rates started the day modestly lower, but many lenders ended up offering mid-day improvements in response to market conditions.
When it comes to rates, the bond market sets the tone. Bonds can move for a variety of reasons, but economic data is one of the quintessential inputs. If the incoming data suggests a hotter economy or higher inflation, rates tend to rise. The opposite is also true (weaker data = lower rates) as was the case today.
The Bureau of Labor Statistics released the Consumer Price Index for the month of August today.
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