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Mortgage Rates Deep Into The 3’s After Weak Economic Data; Mortgage Apps Plummet

Mortgage Rates Deep Into The 3’s After Weak Economic Data; Mortgage Apps Plummet

Mortgage rates dropped quickly today, getting them much of the way back to lows seen at the beginning of the month. For context, there has only been one day in the past 5 months with better rates (Friday October 2nd, immediately following the weak jobs data). That means the average lender is quoting conventional 30yr fixed rates between 3.75 and 3.875% on top tier scenarios. A few of the more aggressive lenders are already back down to 3.625%. Once again, weak economic data is at the scene of a strong move lower for mortgage rates. This time around it was a doubleheader, with both Retail Sales and Producer Prices missing the mark. Retail Sales of course, speaks to consumer demand for goods and services. Lower numbers suggest lower growth. Indeed many market-watchers downgraded GDP estimates
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