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Pending Home Sales Post Modest Gains; Mortgage Rates Mostly Sideways to Begin Busy Week

Pending Home Sales Post Modest Gains; Mortgage Rates Mostly Sideways to Begin Busy Week

Mortgage rates didn't move much today , which keeps them right in line with last week's lowest levels. That sounds pretty good! Unfortunately, any time prior to last week, those "lowest levels" would have been the highest in more than 4 years. To make things simple , look at like this: rates didn't move more than an eighth of a percentage point (.125) for most of March and early April (lenders typically divide rate sheet offerings in 1/8th increments). Last week brought rates a quarter of a point (.25) higher at its worst, and now we've recovered about an eighth. In other words, we're right in between the March plateau and last week's highs. The rest of this week brings several important economic reports including Friday's big jobs report (The Employment Situation, aka "Nonfarm Payrolls").
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