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Mortgage Rates Trickle Down to July Lows; Big Drop in New Home Sales

Mortgage Rates Trickle Down to July Lows; Big Drop in New Home Sales

Mortgage rates barely budged for an impressive 7th straight day. Refreshingly, all but one of those days have seen rates budge slightly lower. In fact, today's budging was just enough to get the average rate to the lowest levels seen in July . (To emphasize just how small the movements have been, some lenders moved to slightly higher rates today.) The most prevalently quoted conventional 30yr fixed rates remain in a range between 4.0 and 4.125% for top tier scenarios, though some of the most aggressive lenders are now venturing into the "high 3's." Part of the reason for this week's extreme level of drowsiness in rates is that it was an "in between" week in terms of events that matter to the bond markets (which drive rates). Stocks were center-stage amid this quarter's biggest batch of earnings
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