Mortgage Rates Inch Lower Ahead of Holiday Weekend

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Posted To: Mortgage Rate Watch

Mortgage rates moved tentatively lower today. The pace was only slightly better than yesterday when it was all but undetectable. To those expecting more improvement based on trading levels in the bond markets that drive rates, it might seem a bit frustrating. Understandably though, lenders tend to err on the side of caution ahead of an extended holiday weekend. But, why be tentative due to extended weekends? In other words, what is it about the long weekend that makes mortgage rates a bit higher than they would normally be? There are a few reasons, but one of the easiest to understand is the fact that markets can move more over a 3-day weekend, all other things being equal. The greater the potential volatility, the greater the cost to protect against it. That cost is passed on directly in the...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/473586.aspx

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