Mortgage Rates Holding Near 3-Year Lows

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Posted To: Mortgage Rate Watch

Mortgage rates were little changed today , keeping them in line with the lowest levels in nearly 3 years. Specifically, there have only been 2-3 days with better rates since May 2013, depending on the lender. That puts the average lender at 3.625% in terms of conventional 30yr fixed rate quotes for top tier scenarios. Some of the more aggressive lenders continue to offer 3.5%. These rates are a mere quarter point higher than the all-time lows seen from late 2011 through early 2013. With that in mind, locking is never a bad idea –especially if you had previously held off in hopes that rates would improve. The more aggressive approach would be to acknowledge that rates have been in a downtrend since at least mid-March, and resolve to lock when that trend ends. The trade-off for the chance to…(read more)

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