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Mortgage Rates Down 0.25% This Week

At the end of last week, the average top-tier 30yr fixed mortgage rate quote was 4.375%.  As of today, the exact same scenario would be at 4.125%–a quarter of a percentage point lower.  That’s an uncommonly big move for a single week, but it’s one we’ve been tracking eagerly in recent days.
Why is it happening?
The first phase of the move had to do with the Fed’s surprisingly friendly policy announcement on Wednesday.  Due to the time of day that the Fed news came out, markets didn’t have a chance to fully react to it until yesterday.  Even so, the drop in rates was already much bigger than average.  But this morning took it to the next level.  …(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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