Mortgage Rates Break Cyprus Slide, Move to 2-Week Lows

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Posted To: Mortgage Rate Watch

Mortgage rates moved lower today at their fastest pace in more than a week, bringing them in line with their lowest levels since last week's Cyprus-related market movement. Lender pricing strategies continue to be varied and some lenders didn't improve nearly as much as the average. That said, it was enough to clearly tip the scales in favor of 3.625% as a prevailing Best-Execution rate ( what is this? ) for 30yr Fixed loans. 3.75% and 3.5% may be more viable depending on the scenario and the lender. Keep in mind when we reference these adjacent rates that differences in borrowing costs are implied. For example, 3.5, 3.625, and 3.75% are all likely available from one lender, but different lenders have different costs associated with moving from one rate to the next. In almost all cases, the...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/301869.aspx

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