Mortgage Rates Back Into the 3's to End The Month

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Posted To: Mortgage Rate Watch

Mortgage rates moved lower again today , making this the 7th straight day where rates have either held steady or improved. Over that time, no single day stands out as clearly better than the others. Instead, the gains have been slow, steady, and varied by lender to a greater degree than normal. Despite the slow and steady pace, the improvement has been meaningful. Not only are today's rates the lowest in more than three weeks, they also bring 3.875% back into the picture as the most prevalently-quoted conventional 30yr fixed rate. That said, there are still quite a few lenders at 4.0%. If things continue to improve, 3.75% will come even faster. This has to do with the structure of the mortgage-backed-securities (MBS) market, upon which lenders' rate sheets are based. When a loan is written...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/476213.aspx

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