Rates Give Back Some of Yesterday's Gains; What Homeowners are Buying When They Move; Appraisal Trends

Mortgage rates had their first great day in several weeks yesterday, but ended up giving back some of those gains today. Bond markets that underlie interest rates took their cues from central bank statements. In Europe, unnamed officials suggested the European Central Bank (ECB) would announce a plan to decrease its bond buying in September. Because central bank bond buying puts downward pressure on rates, this sort of news puts upward pressure on rates! Granted, we're talking about limited comments from the other side of the world. As such, the impact on mortgage rates in the US is limited, but there was impact nonetheless. Bond markets also took some damage from Fed Chair Yellen's 2nd day testifying before congress. This time around, she showed a bit more conviction on the topic of removing

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