Cost of Imperfection Remains High in The Mortgage World

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Posted To: Mortgage Rate Watch

Mortgage rates moved off their recent lows to start the new week, but only slightly. That keeps the average lender very close to the lowest rates in roughly 2 months. It also keeps us fairly close to the lowest rates ever. In fact, some lenders were at their best rates ever last Friday, but they were the exception. Am I perhaps splitting hairs here? Absolutely. When you follow rates as closely as we do, we’re forced to consider not only the quoted interest rates themselves, but also the fluctuations in upfront costs for any given rate. In other words, the actual rate at the top of a loan quote is likely the same for most mortgage seekers as it was on Friday. The only difference is that the upfront costs associated with that rate are slightly higher. Thus, rates are effectively higher. Notably…(read more)

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