What do you get when you add a modest amount of cost to the average mortgage rate from last Friday?  Rates that are still effectively right in line with all-time lows.  In fact, most borrowers will not see any major differences in loan quotes between the two days.  If anything, the upfront costs would be microscopically higher or the lender credit  could be slightly lower.  

Lenders who maintained the same loan pricing throughout the day are those doing the most to contribute to the “slightly higher” thesis.  But many lenders responded to friendlier bond market conditions and made token adjustments in the middle of the day (in your favor).  If we were only measuring that cohort, we’d instead be observing rates that are sideways to slightly lower versus Friday.

Either way, rates are LOW.  Purchase rates (30yr fixed, conventional, top tier) are in the 2.375-2.625% range while refinance rates are another 0.25% higher for most lenders (some have even bigger gaps between purchase and refi rates).

 

By Matthew Graham , dated 2020-12-14 15:33:00

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Courtesy of Mortgage News Daily

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