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by Trevor Sines

Mortgage rates moved sharply higher today, bringing the average top tier 30yr fixed quote back to 4.25% from 4.125% previously.  That doesn’t exactly mean that rates are .125%, depending on your perspective.  While the actual rate applied to loan balances is .125% higher on average, the amount of interest paid in conjunction with a mortgage is also depends on upfront costs.  In cases where borrowers are being quoted .125% higher in rate today, those upfront costs are generally lower.  If we express those costs in terms of rate, the actual day-over-day change is 0.07%.  That may not seem like much, but it’s the biggest increase in well over a month.

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