Rates Give Back Some of Friday’s Gains; Mortgage Status Predicts Homeowner Behavior
Mortgage rates moved slightly higher today, erasing only some of the massive improvements seen after last Friday's jobs report. In general, most lenders moved one-eighth of one percentage point lower in rate on Friday. Today's weakness isn't enough to raise rates by an eighth of a point, so instead, the weakness comes in the form of slightly higher upfront costs for the same rates as Friday. The most prevalently-quoted conventional 30yr fixed rate remains 3.625% on top tier scenarios for most lenders, though a few of the less aggressively-priced lenders are quoting 3.75%. It should be noted that 3.625% is the lowest stably-held 30yr fixed quote in more than 3 years. We've seen rates move lower a few times since then, but never for very long. As such, no one could argue that it makes sense to
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