Mortgage Rates Continue Steady Descent Back To Earth

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Posted To: Mortgage Rate Watch

Mortgage rates moved slightly lower again today , marking the third straight session of recovery after being launched higher last week. The magnitude of that launch is a matter of perspective, though 30yr Fixed Best-Execution never made it over 3.5%. Today's improvements bring the average rate sheet back into 3.375% territory, but lenders remain on both sides of that (fewer at 3.25%, more at 3.5%). Not every lender improved, and not every improvement will have dropped the quoted rate by the standard .125% increment. That means that many scenarios will see this improvement as a reduction in closing costs (or increase in lender credit). ( Read More:What is A Best-Execution Mortgage Rate? ) The biggest guidance-giver on the calendar for interest rates today was the 10yr Treasury Auction. Mortgage...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/290691.aspx

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