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Mortgage Rates Slightly Higher to Begin Shortened Week

Mortgage rates moved sideways to slightly higher today, keeping them in an exceptionally narrow range that’s persisted for the entire month of March.  As of last Thursday, rates looked like they might make an attempt to challenge the lower boundary of that range, but they quickly backed off (or backed “up” as the case may be).  Friday and today have seen a fairly steady move back toward the middle of March’s range.  
Context is also important.  While we can talk about “movement” in a literal sense in the past few days, for all practical purposes, the average mortgage seeker wouldn’t be seeing much of a difference.  Note rates (the interest rate at the top of a mortgage “note”–the one that determines the payment when applied to a principal balance) haven’t moved at all for most scenarios in March.  Effective rates (a combination of the note rate and upfront costs) have only moved a little bit.  …(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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