Mortgage Rates are Actually Lower This Week

Posted To: Mortgage Rate Watch

Mortgage rates move lower again today. Combined with yesterday’s drop, the improvement has been significant for top tier rate quotes in the lower range of available rates. What does that mean, exactly? A rate quote isn’t simply a rate. That’s only one side of the equation. The other side is the upfront cost. Generally speaking (and there are exceptions) the higher the rate, the lower the upfront cost, all other things being equal. Depending on movement in the bond market, certain mortgage rates can see varying amounts of change in their associated upfront costs. At the moment, it’s the lowest available rates that have seen the biggest benefit. For instance, there’s not much difference between yesterday and today’s quotes for conventional 30yr fixed rates of 3.25% and above, but there is substantial…(read more)

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