Mortgage Rates Start Stronger, Higher In The Afternoon

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Posted To: Mortgage Rate Watch

Mortgage rates began the day flat to slightly lower before market weakness in the afternoon caused many lenders to release negatively revised rate sheets. Not all lenders took part in the "reprice," but the net effect is an average Best-Execution rate with borrowing costs very similar to those seen on Friday with some lenders slightly higher in cost while others remain slightly lower. The most prevalent Best-Execution rate continues to be 3.625%. ( What is A Best-Execution Mortgage Rate? ) As noted on Friday, interest rates have been moving in an increasingly narrow range since late January, albeit a range that is moving slightly higher. That's either ominous or promising depending on the direction of the next big move. In other words, this big, long pause at current levels suggests a certain...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/296573.aspx

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