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Rates Erase Friday’s Big Gains; Student Loans Affect on Homeownership; More Equity = More Cash-Out Refis

Rates Erase Friday’s Big Gains; Student Loans Affect on Homeownership; More Equity = More Cash-Out Refis

Mortgage rates moved substantially higher today in the context of recent day-to-day changes. In the broader context, we're still talking about 30yr fixed rates that have remained in the "high 3's" for over a week now. It's just that today's "high 3" is an eighth of a point higher than Friday's. Lenders that had moved down to quoting conventional 30yr fixed rates of 3.625%, are now back to 3.75% in many cases. less aggressive lenders that were just beginning to quote 3.75% are now back up to 3.875% . More simply put, today's average rate sheet is back in line with last Thursday's. Those were great at the time and they'd be the best in more than 5 months apart from last Friday. In terms of the bond markets that underlie mortgage rate movement, there is a less-balanced outlook for locking vs floating
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