Mortgage Rates Unable to Keep Winning Streak Alive

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Posted To: Mortgage Rate Watch

Mortgage Rates bounced slightly higher for the first time in more than a week today, thus remaining in limbo near the highest levels in more than 4 months. On a positive note, recent movements have been small, with no change to the prevailing note rates of 3.5-3.625% on top tier conventional 30yr fixed scenarios. That means the deterioration is seen in the form of modestly higher upfront costs (or lower lender credit, depending the structure of the quote). In other words, markets haven’t moved enough for rates to rise a full 0.125%. Because mortgage rates are typically offered in .125% increments, lenders account for smaller market movement by adjusting the upfront cost/credit. Bottom line, you’d pay just a bit more to get the same rate you were quoted last week. Even then, the change is so…(read more)

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