Mortgage Rates Inch Lower, But Remain Generally Sideways This Week

Mortgage rates finally moved in a direction that wasn’t “up” today.  That said, it’s debatable whether the direction would be best described as “lower” or “sideways.”  To those who don’t check in with rates too often or who aren’t excited by saving a couple hundred bucks in closing costs, rates are sideways.  But for those for whom every little bit counts, the today’s upfront costs would be slightly lower than yesterday’s for any given interest rate quote. 
The upfront cost portion of a loan quote offers lenders more of a fine-tuning adjustment compared to changing actual rates, which tend to be offered in 0.125% increments.  Markets typically don’t move enough in a single day for a 0.125% change in rates.  Upfront costs help adjust lender/borrower costs in those cases.  …(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