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Rates Near Recent Highs; Distressed Sales Crack Single Digits; Seasonal Issues for New Home Apps

Rates Near Recent Highs; Distressed Sales Crack Single Digits; Seasonal Issues for New Home Apps

Mortgage rates were not able to build on yesterday's modest improvements. Most lenders ended up back in line with their worst recent levels. Thankfully, that's not saying much considering the exceptionally narrow range. Indeed most borrowers won't even detect day-to-day movement this week as contract interest rates haven't even been affected. That means that any mention of "rates" moving higher or lower is a reference to the changes in upfront borrowing costs. Those costs have a bearing on the effective rate, but not the actual NOTE rate on the loan. Lenders continue to quote conventional 30yr fixed rates of 4.0% most frequently with some top tier scenarios still seeing 3.875%. If there's one place to assign blame for this general lack of movement, it's next week's Fed Announcement. Even though
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