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Mortgage Rates Still Pushing 2015 Highs; CFPB Fines 3rd Lender for LOC; Post Holiday Bounce for Mortgage Apps

Mortgage Rates Still Pushing 2015 Highs; CFPB Fines 3rd Lender for LOC; Post Holiday Bounce for Mortgage Apps

Mortgage rates continued pressing into new highs for 2015. Most lenders are now quoting conventional 30yr fixed rates 4.25% on top tier scenarios. While this was already the case for many lenders yesterday, today's losses would then be seen in the form of higher closing costs. In terms of the "effective rate" (which factors in the associated upfront costs), today's rate sheets most closely resemble those seen in early October 2014. As for reasons, things remain frustratingly opaque if you're looking for short term cause and effect. The problem we're dealing with is exceptionally broad and long-lasting. Thankfully it's not too complex. Investors gorged on European bonds throughout 2014 and early 2015, bringing rates to all-time lows and causing other rates markets (like ours) to experience some
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