Mortgage rates began the day in slightly lower territory compared to last Friday afternoon, but they'd risen noticeably from Wednesday to Friday.  The recovery seen this morning wasn't enough to get them back in line with Wednesday's levels.  To make matters slightly worse, by the afternoon, rates started to move up yet again. 

There are a few important caveats to all of this.  First off, very few lenders are far enough away from Wednesday's levels as to be quoting different "note rates."  Note rates tend to be offered in 0.125% increments.  It takes quite a bit of drama in the bond market (which dictates rates, ultimately) to justify a 0.125% move in the space of a few days.  While Friday was indeed the worst day in months for the bond market, it happened to follow the best day in years.

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