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Mortgage Rates Closing in on Multi-Year Lows

Mortgage rates fell nicely this week with modest to moderate gains throughout.  As I noted yesterday, this runs counter to the week’s average mortgage rate headline, which claims flat to slightly higher rates versus last week.  Those claims aren’t wrong, they just only really apply to Monday and Tuesday of this week versus the same two days last week.  With the benefit of more timely mortgage rate info, we see the average lender at the lowest levels in nearly a month, and steadily closing in on the multi-year lows seen during the first few days of September.
Rates (and many other parts of the financial market) are intently focused on economic data.  Weaker reports on the manufacturing and services sectors helped facilitate most of this week’s drop.  Traders will continue reacting to any major reports that are much stronger or weaker than expected.  Next week is fairly light in terms of scheduled data.  That doesn’t mean rates won’t move, only that they’re more susceptible to other cues, like trade war updates and other geopolitical headlines….(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.
Source: mortgagenewsdaily.comNew feed

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