Rates' Losing Streak Continues; Distress Measures Improve Rapidly; Realtors: It's a Dog's World

Mortgage rates moved higher for the 4th straight day today, following Fed Chair Janet Yellen's congressional testimony. It wasn't that Yellen's speech or Q&A contained any major surprises. Rather, bond markets (which dictate rates) were simply looking for some indication of "sooner vs later" with respect to the Fed's next rate hike. Her comments were generally more in line with "sooner." Bond markets responded by quickly trading rates to higher levels, resulting in multiple "negative reprices" for mortgage lenders this morning. Bonds calmed down in the afternoon, and ended up clawing back roughly half of the morning's losses by the end of the day. Many lenders were consequently able to offer "positive reprices"--bringing rate sheets part of the way back to yesterday's levels. Despite the

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