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Mortgage Rates Still Sideways to Slightly Lower

Posted To: Mortgage Rate Watch

The average mortgage lender continues to offer top tier conventional 30yr fixed rates in the “high 2% to low 3%” neighborhood. Exactly where any given quote will reside in that neighborhood depends on several factors. The most important of those is the re-introduction of the new adverse market fee for all conventional refinances. If you’re not up to speed on that, here’s some additional background . The adverse fee is the most important factor because it instantly accounts for a change of at least 0.125% in rate for refinances. Purchase mortgages are officially unaffected, but they’ve been caught in the crossfire, to some extent, as many lenders are generally pricing more cautiously during the phasing-in process for the new fee. After all, the fee significantly affects lender cash flows. Moreover…(read more)

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