Mortgage Rates Fall Back to Lowest Levels in Nearly 2 Weeks

Mortgage rates are in recovery mode so far this week.  Today brought the best improvements so far with the average lender’s rates falling back to the lowest levels in nearly 2 weeks. 
As always, it’s important to remember that there are two components to the effective mortgage rate: the actual interest rate applied to the principal balance of a loan and the upfront costs required to obtain that loan. Due to the structure of the mortgage and bond markets, mortgage rates tend to be offered in 0.125% increments.  Financial markets usually don’t move enough in a single day for rates to change by that much, so the upfront costs allow for smaller, fine-tuning adjustments.  …(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