Mortgage Rates Just Barely Lower Ahead of Key Inflation Data

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Posted To: Mortgage Rate Watch

Mortgage rates spent the entirety of last week at the same levels based on end-of-day rates sheets from the average lender. That was a tremendously uncommon length of time for rates to remain unchanged and it was especially notable against the backdrop of recent volatility. Today’s rate sheet offerings came fairly close to extending the “unchanged” streak, but by the end of the day, lenders had improved just enough for the average to move 0.01% lower. When we talk about 0.01% changes in mortgage rates, it’s important to know that most lenders only offer rates in increments of 0.125% . That’s a much bigger move than we see on the average day, so lenders need a way to make adjustments beyond the rate itself. They accomplish this with upfront costs and/or credits. For instance, lower the upfront…(read more)

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