Mortgage Rates: Best Execution Improves to 5.00%

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Posted To: Mortgage Rate Watch

Mortgage rates have spent the better part of a month teetering on a ledge. At risk was a phenomenon we describe as "snowball selling". The end result would have been another 0.25 to 0.375% jump in home loan borrowing costs....the third spike in as many months. WHAT IS SNOWBALL SELLING? Mortgage rates have rallied in six of the last 7 sessions though and we've slowly backed away from the ledge. To illustrate the recent behavior of mortgage rates, we offer the chart below. It graphs the average origination closing costs associated with specific mortgage note rates as quoted by the five major mortgage lenders. If the note rate line is moving up, the closing costs associated with that rate quote are rising. In December, closing costs rose rapidly. Mortgage rates did improve from those levels, but...(read more)

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Source: www.mortgagenewsdaily.com

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