Rates Remain Near Long Term Lows; Cash-Out Surge and Affordability Questions; Construction Spending Misses Estimates
Mortgage rates were in line with the best levels in 8 months as of last Friday. Although they moved slightly higher to begin the new week, today is still the 2nd best day in the past 8 months. Lenders continue quoting conventional 30yr fixed rates of 3.75% for the most part with 3.625% being the next most prevalent rate. In general, rates are taking cues from the big picture economic considerations and global financial market turmoil. Low oil prices and volatile stock markets have been helping. Most of the more focused economic data has been falling short of its usual potential to move markets. An exception will certainly be made for this Friday's Employment Situation report, which is the most important economic report of any given month. In the bigger picture, the trend toward lower rates
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