Mortgage Rates Reverse Early Gains

Mortgage rates initially declined following overnight bond market improvements driven by U.S.-Iran peace framework reports. However, underlying market volatility forced lenders to recall initial offerings before noon.

Key Points:

• Overnight bond gains allowed lower initial rate sheets
• Market deterioration began before noon hour trading
• Lenders recalled initial offerings, issued upward adjustments
• Average rates returned to yesterday's levels by day's end

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