Mortgage Rates Move Convincingly Lower

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Posted To: Mortgage Rate Watch

Mortgage rates moved lower at their fastest pace in 6 weeks today, erasing most of the losses seen so far this week. Not all lenders have adjusted pricing at the same pace, however, and best-execution is still 3.625% for conventional, 30yr fixed loans. That means today's improvements came in the form of lower borrowing costs or increased lender credit, depending on the scenario. Today's improvements were potentially important in the bigger picture. We began talking about this yesterday, saying that: [Wednesday's] trading had the redeeming quality of NOT making a new low. We can't conclude anything from 1 session, but it does at least introduce the possibility that we're digging in at recent highs to make a range between now and next week's FOMC Minutes. This would look more likely if we see...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/309025.aspx

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