Wednesday, February 1, 2012
Subject : Daily Update: Mortgage Rates Rise For First Time in Five Days
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Feb 29, 2012 3:02PM
Mortgages Rates snapped an relatively long streak of stability, moving higher for the first time in a week after digesting today's high-risk events. In many cases, Best-Execution remains at 3.875%, with the effects of today's weakness merely seen in the form of higher borrowing costs. But some lenders are better priced at 4.0%. The lenders that were becoming viable at 3.75% yesterday have noticeably backed off today. Additional reading: Previous post with more detailed discussion about Best-Execution...
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Subject : Daily Update: Mortgage Rates Steady to Slightly Improved
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Feb 28, 2012 3:15PM
Mortgages Rates have strung together 5 consecutive days of either holding steady or slight improvements. Best-Execution for 30yr Fixed Conventional mortgages is clearly back down to 3.875% after beginning the recent winning streak closer to 4.0% (lender's rate offerings tend to move in .125% increments). Indeed, many lenders were at 3.875% yesterday as well, and the minor improvements we reference are seen only in the costs associated with those rates. Additional reading: Previous post with more...
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Subject : Daily Update: Mortgage Rates Begin Week Flat to Slightly Improved
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Feb 27, 2012 2:53PM
Mortgages Rates finished out the previous week in positive fashion, logging three straight days of minor improvements after beginning the week poorly. This week begins on a much calmer note with rates mostly steady compared to Friday and very slightly improved in some cases. The improvements haven't been enough to change the Best-Execution landscape much, if at all. Rather, the gains are more readily seen in the form of slightly lower closing costs for the same rates that prevailed on Friday. Additional...
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Subject : Daily Update: Mortgage Rates Continue Slow, Steady Improvements
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Feb 23, 2012 3:46PM
Mortgages Rates continued to improve at a slow and steady pace. After rising somewhat abruptly into the end of last week and beginning of the current week, rates began to fight back yesterday, but the improvements have been and continue to be relatively minor. This leaves plenty of lenders still best-priced at 4.0%, but with a few more falling back into 3.875% Best-Execution levels today. In short, we're on the same fence as yesterday, but in a slightly more comfortable position. Additional reading...
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Subject : Daily Update: Mortgage Rates Improve But Remain On Fence Between Recent Offerings
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Feb 22, 2012 4:07PM
Yesterday marked the first time since late January that Best-Execution Mortgages Rates stood at 4.0% on average, as opposed to what had been the prevailing average of 3.875%. Rates improved today for most lenders, several of whom once again are offering 3.875% as a "best-execution rate" (learn more about what that means in this previous post with more detailed discussion about Best-Execution calculations ). But a significant portion of the market remains in 4.0% territory. Best-Execution is very...
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Subject : Daily Update: Best-Execution Mortgage Rates Rise For First Time in a Month
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Feb 21, 2012 3:31PM
For the first time since late January, Best-Execution Mortgages Rates moved back to 4.0%. Over the past month, the rate averaged 3.875% despite plenty of fluctuations in terms of closing costs. Friday's weakness brought the average of the lenders we survey as close to the 4.0% mark and today's weakness in the bond markets resulted in more lenders offering 4.0% as a best-execution rate, although 3.875% remains at a few of the more aggressively-priced lenders. Additional reading: A previous post with...
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Subject : Daily Update: Mortgage Rates Turn Higher Following Data, Greece Headlines
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Feb 16, 2012 2:55PM
Mortgages Rates reversed a recent trend of gradual improvement, moving higher today after a better-than-expected read on employment from this morning's Jobless Claims report as well as news that the ECB will swap out their Greek government bonds this weekend. 30yr Fixed Conventional Best-Execution Rates continue to operate in 3.875% territory on average, and the closing costs associated with those rates had been nearing the lower end of their historical range. While 3.875% Best-Execution remains...
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Subject : Daily Update: Mortgage Rates Continue to See Minor Improvements
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Feb 15, 2012 3:08PM
Mortgages Rates improved again today as domestic economic data failed to inspire markets to move in either direction and optimism over today's conference call between Greece and its creditors deteriorated. In general, economic optimism tends to coincide with interest rates moving higher. Mortgage rates began the week fighting back against this generality as anticipation for today's conference call weighed on bond markets and MBS (the "mortgage-backed-securities" that most directly influence mortgage...
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Subject : Daily Update: Mortgage Rates Improve on Weak Data, Greece Jitters
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Feb 14, 2012 3:06PM
Mortgages Rates are somewhat improved today after holding relatively steady to begin the week. In the underlying markets MBS (the "mortgage-backed-securities" that most directly influence mortgage rates) rose to their best levels since last Thursday after today's Retail Sales figures showed slower than expected consumer spending. When MBS prices rise, interest rates fall (although it should be noted this isn't always a linear or immediate relationship, but it is generally true over time). Today's...
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Subject : Daily Update: Mortgage Rates Hold Steady To Begin Busy Week
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Feb 13, 2012 3:03PM
Mortgages Rates held steady over the weekend. In fact, rates were so steady that our measured averages on Friday were the same as today's reading , which is a fairly uncommon occurrence. Friday had been a fairly stable day, and markets traded in better territory than Thursday. Rates had come under pressure recently, pushing the 30yr Fixed Best-Execution rate up to 4.0% in some cases, with Friday and now today offering some moderation back into the 3.875% range. (We explain even more about Best-Execution...
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Subject : Daily Update: Mortgage Rates Battle Back From The Edge
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Feb 10, 2012 2:59PM
With yesterday's increases, Mortgages Rates moved to the edge of their recently long and stable stay at a 3.875% Best-Execution level. While some lenders are still best-priced at 4.0%, the average Best-Execution rate moved back down into 3.875% territory today. Keep in mind that "best-execution" refers to the most ideal possible rate/fee scenario and we track this because it's the most consistent way to benchmark the movement of the broader collection of lender rate offerings. (We explain even more...
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Subject : Daily Update: Mortgage Rates at a Tipping Point After Rising Today
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Feb 9, 2012 3:06PM
Mortgages Rates moved higher today at the quickest pace of the week. For the second time this year, the 3.875% Best-Execution rate on 30yr Fixed Conventional loans is in question. If rates move much higher from here, the average Best-Execution rate across multiple lenders will have risen back to 4.0% and for quite a few lenders, is already there. (We explain more about Best-Execution calculations in THIS POST ). Today got started off on a sour note for rates with the late night news that Greece was...
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Subject : Daily Update: Mortgage Rates Flat to Slightly Improved After Auction, Greece News
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Feb 8, 2012 3:46PM
For several sessions in a row, Mortgages Rates have moved in the opposite direction from the previous session, although even the bigger examples of these movements haven't been enough to nudge 3.875% out of the "best-execution" position. The same back-and-forth movement continued today as rates improved ever so slightly after rising slightly yesterday. Keep in mind, that the term "rates" in this context refers to the combination of the interest rate itself and the closing/borrowing costs required...
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Subject : Daily Update: Mortgage Rates Slightly Higher as Greece, Auctions Weigh on Markets
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Feb 7, 2012 3:47PM
Although the recently confirmed 3.875% Best-Execution level remains intact for 30yr fixed, conventional loans, Mortgages Rates moved slightly higher today in terms of the costs required to obtain those rates. Weakness in Treasuries today was more pronounced than MBS, the "mortgage-backed-securities most directly responsible for determining mortgage rates. (learn more about how we calculate Best-Execution in THIS POST ). Initially driving today's market movements was news that political leaders would...
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Subject : Daily Update: European Headlines Help Mortgage Rates Bounce Back
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Feb 6, 2012 3:34PM
Following Friday's employment data, Mortgages Rates moved quickly higher. In most cases, the changes were seen not in the quoted interest rates themselves, but rather in the closing costs required to obtain those rates. A small number of lenders' Best-Execution rates rose to 4.0%, but a majority stayed at 3.875%. (learn more about how we calculate Best-Execution in THIS POST ). For a given interest rate, there are a range of costs at which it could still be a best-execution candidate. Whereas Friday...
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