Cash-Out Refis at 7-Year High; Foreclosure Pace Normalizing; Home Price Attitudes Shifting?
Mortgage rates moved lower today, regaining a good amount of the ground lost over the past few days. The average lender rate sheet is back in line with those seen last Wednesday. While that leaves 3.75% as the most prevalent conventional 30yr fixed rate quote, it brings several of the more aggressive lenders back down 3.625% on top tier scenarios. Bond markets (which underlie mortgage rate movement) were active today, with strong gains in the morning resulting in several lenders offering mid-day improvements. Gains faded in the afternoon , prompting a few lenders to adjust rates slightly higher. There were no significant economic events to motivate today's rate movement. Rather, investors are shuffling their trading positions ahead Thursday's important policy announcement from the European
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