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Are Mortgage Rates Really Under 4.00%? Yes and No

Mortgage rates were mixed today, with some lenders holding steady while others offered mid-day improvements in response to strong performance in the bond market.  In either case, today’s loan quotes are likely to be as good as they’ve been since the first few weeks in 2018. But are they under 4.00%?  That’s the claim being made by more than a few news stories out there.  Let’s take a look at the underlying facts.
First off, any time you see consensus among mortgage rate headlines on a Thursday morning, chances are the story is citing Freddie Mac’s weekly mortgage rate survey.  Today’s survey has the average 30yr fixed quote dropping to 3.99% for the first time since (you guessed it) the first few weeks of 2018.  But that doesn’t mean anyone can go down to the corner store and pick up a 3.99% mortgage.  
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Source: mortgagenewsdaily.comNew feed

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