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Mortgage Rates Surge Back Above 7%

Mortgage Rates Surge Back Above 7%

Despite other indices showing the average 30yr fixed rate in the 6.7 range, the actual average (after accounting for points) is once again over 7%.  We were already close as the index stood at 6.91 yesterday afternoon.  That means lenders were offering rates in a range between 6.625 and 7.5%, give or take. Today's index leapt almost immediately to 7.04, meaning lenders are predominantly quoting 7% or 7.125%.  At this point, it's good to note that a "point" (1% of the loan balance paid upfront for the purpose of dropping one's rate) goes a longer way than normal these days.  At the moment, it would turn a 7.125 rate into a 6.625 rate. In other words: 7.125% with no points = 6.625% with 1 point.   Whether or not this makes financial sense for anyone's individual scenario, budget
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