Mortgage Rates Lowest in a Week
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by Trevor Sines

Mortgage rates continued lower today.  While the pace of improvement was slightly slower, it was enough to get the average lender rate sheet back to levels seen last Tuesday.  That makes this the first time since before the election that rates haven’t been significantly higher week-over-week.  It’s also the first time in more than a month where rates have moved lower 2 days in a row.  Normally, such accomplishments would be no big deal, but when we’re backing down from the highest rates in more than a year, every little bit helps.  

Today’s improvements translated to a little more unity among lenders.  Whereas more than a few were still quoting conventional 30yr fixed rates of 4.25% on top tier scenarios yesterday, most are now back down to the 4.0%-4.125% range.  From a strategy standpoint, there are 2 ways to approach the current environment.  On one hand, you could count yourself lucky to finally be seeing a week-over-week improvement and lock accordingly.  

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