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Mortgage Rates Finally Buck Trend; Rental Vacancies Lowest in 20+ Years; Home Price Gains Likely to Slow

Mortgage Rates Finally Buck Trend; Rental Vacancies Lowest in 20+ Years; Home Price Gains Likely to Slow

Mortgage rates bucked the recent trend of steady, modest improvements to end just slightly higher today. That said, the move was just as small as most recent examples, and barely returns most lenders to last Friday's rates. At the time, those were the best of the month, so the current situation could be much worse. Moreover, the small day-to-day changes mean that we're not really talking about "rates" moving higher and lower as opposed to the closing costs associated with prevailing rates. In other words, the effective rate is changing microscopically, but not the contract rate in most cases. As for contract rates, they continue to hold in the 4.0-4.125% range for conventional 30yr fixed loans on top tier scenarios. There is still a small minority of lenders quoting 3.875% Yesterday, we discussed
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