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Mortgage rates fall back below 3 percent but aren’t expected to be there long

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“Since late September, yields on Treasurys and mortgage-backed securities have been rising, and so have mortgage rates,” said Michael Becker, branch manager at Sierra Pacific Mortgage. “With the number of covid cases declining, markets are convinced the [Federal Reserve] will announce the tapering of their purchases of Treasurys and mortgage-backed securities, hence the reason for rising rates. This rise in rates may accelerate should economic reports, like this Friday’s non-farm payroll report, show strength.”

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