Mortgage Rates Sharply Higher, Erasing Most Of The Recent Recovery

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Posted To: Mortgage Rate Watch

Mortgage rates shot higher on Thursday matching the quickest pace of the past several months seen at the beginning of January. Although rates didn't make it quite as high in absolute terms, much of the recent recovery was erased. In other words, we're now closer to early January's levels than we are to yesterday's levels. The move was more than sufficient to bump Best-Execution for Conventional 30yr Fixed Loans up to 3.5% from the previous 3.375%. Some borrowers may still have the same rate today vs yesterday, but in those cases, borrowing costs would be significantly higher, in some cases over one half of one percent of the loan balance. ( Read More:What is A Best-Execution Mortgage Rate? ) That's a substantial move for a 24 hour period and it caught markets somewhat off-guard. Even though...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/291958.aspx

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