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Mortgage rates surged well into the 6% range last week before quickly cooling down after Wednesday’s Fed announcement.  The average top tier rate was nearly back below 6% by Friday. 

Today’s market movement means that we’ll need to keep waiting for that floor to be broken.  Mortgage rates are based primarily on the bond market and bonds began the day in weaker territory as domestic markets mirrored the movement seen in European markets during yesterday’s holiday closure.  With little by way of new, actionable news today, bonds stayed mostly sideways at those slightly weaker levels.  In turn, mortgage lenders made modest adjustments to Friday’s rates (on average).