Mortgage Rates End October Just Off 5-Month Highs
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by Trevor Sines

Mortgage Rates moved sideways to slightly lower for the 2nd day in a row, after hitting the highest levels in 5 months on Thursday.  While the positive progress is better than a sharp stick in the eye, it nonetheless leaves us right in line with highs for all practical purposes.  In fact, virtually all lenders are putting out quotes today that are indistinguishable from Thursday’s for most prospective borrowers.  The most prevalently-quoted conventional 30yr fixed rate remains 3.625% on top tier scenarios, with a handful of the most aggressive lenders at 3.5%.  

The remainder of the week brings several flashpoints for market volatility, with Wednesday’s Fed announcement being the center of attention.  The Fed is not expected to announce a rate hike this week (though it’s not impossible, by any means).  Rather, the baseline assumption is that the Fed will use this meeting much like they used the 2nd to last meeting of 2015 to telegraph a hike in the final meeting of the year in December.  

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