Mortgage rates are on a bit of a losing streak! Spurred on by a dramatic decline in benchmark debt yields, mortgage rates touched new lows last week. Actually I don't know if I should say mortgage rates hit new lows. Instead, maybe I should say "more lenders were offering record low mortgage rates last week". Yes a few lenders were spotted quoting 4.00% base rates, but the majority of the market was still pricing par mortgage loans at 4.25%. A well-qualified borrower's "best execution" combination of rates and points remained 4.375%. Whatever dip there was ended up being quick because lenders filled their production buckets fast and loan pricing started to suffer on Friday. Since then rates have slowly risen to levels just above record lows (still super aggressive…(read more)
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