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Pending Sales Slide on “Staggering” Lack of Inventory; Mortgage Rates Slightly Lower Ahead of Big Jobs Report

Pending Sales Slide on “Staggering” Lack of Inventory; Mortgage Rates Slightly Lower Ahead of Big Jobs Report

Mortgage rates moved lower today--something they've been more likely to do in general since early July. The gradual downtrend brought them to their best levels of the year on Tuesday. Yesterday saw a modest bounce and today leaves us somewhere in between. Most borrowers will not see any major differences between Tuesday's quotes and todays, except for slightly higher upfront costs in some cases. Part of the reason rates have been able to move so much lower in 2017 is that inflation metrics have been tepid, at best. Today's reading of 1.4% on a key inflation report (Core PCE) only reinforced that reality. The Fed would like to see that number closer to 2.0% before taking policy action that puts more substantial upward pressure on rates. Does that mean rates will continue lower as long as inflation
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