Mortgage rates hit a two week low yesterday with industry best execution around 4.5%. What caused this rally? It wasn’t tapering, Ben Bernanke, or home land economic news. It could be the market is correcting after hitting a multi-year high or the geopolitical risk out of Syria could be causing a flight to safety. Instability causes investors to seek safe investments like U.S. Treasuries and MBS. Back here on the home front today Pending Home Sales will be released at 10 AM. However, for the first time in a long time all eyes will be overseas.
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