Mortgage Rates Sideways To Slightly Higher

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Posted To: Mortgage Rate Watch

Mortgage rates began the day in decent territory, with most lenders unchanged to slightly lower in cost vs yesterday. Trading in Mortgage-backed-securities, which had already pulled back from their better levels late in the morning, took a sharper turn for the worse in the afternoon, prompting several lenders to recall rate sheets for a negative reprice. While the changes don't impact the prevailing best-execution rate of 3.625%, they do make for slightly higher borrowing costs on average. That said, we'd emphasize that some lenders are still priced in the same (or even marginally better) territory as yesterday. ( What is A Best-Execution Mortgage Rate? ) The minute to minute market gyrations mentioned above are small potatoes when it comes to the bigger-picture interest rates landscape. For...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/294965.aspx

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