Mortgage Rates Effectively Unchanged Yet Again

Stronger Start, Weaker Finish Bonds had a fine morning with overnight gains bringing yields in line with the lowest levels of the past few days within the first 2 hours of domestic trading.  From the 9:30am NYSE open on, bonds began moving in the other direction.  There were no individual, new catalysts for the weakness, and more importantly, it wasn't even a level of weakness that matters in the bigger picture.  Rather, this is the reality for the next few weeks in addition to being the occasional reality on any Friday afternoon after 3pm ET (due to the CME close).  Looking back on the week, the only move that mattered was the sell-o