Mortgage Rates Improve Cautiously

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Posted To: Mortgage Rate Watch

Mortgage rates finally had a winning day, but just barely . Underlying bond markets were actually mixed on the day, but this gave lenders enough stability to move back from their more defensive pricing strategies of the past few days. In other words, during the last 2 weeks where rates have been rising quickly, lenders have been more conservative with respect to setting their rate sheets. When the negative momentum ebbs, as it has over the past few business days, lenders can afford to give back some of their cushion. "Some" is the operative word here, and perhaps overstates today's victory. From the recent lows to recent highs, the average conventional 30yr fixed quote moved from 3.75 to 4.0%. We're still very much at 4.0% today, but with slightly lower closing costs compared to the past 2...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/530821.aspx

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