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Last week was roller coaster for mortgage backed securities. After a nice rally on Tuesday and Wednesday which brought the par 30 year fixed rate mortgage back under 5%, by Friday MBS ended up where the week began. We have seen a consistent pattern develop lately where each time rates break the 5% barrier, they only remain there for a short period of time before sentiment shifts to drive mortgage rates higher. Driving this movement is the see sawing of investor sentiment from the green shoots theory...
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