Mortgage Rates Just Off 7-Month Lows

Posted To: Mortgage Rate Watch

Mortgage rates were modestly higher today after hitting the lowest levels since early November at the end of last week. Along with mid-April, this is the second time rates have been in this territory in more than 7 months. Most prospective borrowers will see very little–if any difference between Friday’s rate quotes and today’s. Certainly, the NOTE rate itself will be unchanged, with any deterioration limited to the upfront costs that impact the EFFECTIVE rate (similar to APR). With rates being driven by financial markets and with investors generally on edge ahead of Thursday’s congressional testimony from former FBI Director Comey, it makes sense to Friday’s momentum to ebb to some extent. Thursday should remain a focal point for volatility this week. Remember, volatility (and thus, the risk…(read more)

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