Mortgage Rate Lower

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Mortgage rates moved modestly lower again today. While that leaves a bit higher than the best rates of this year, it enables an important year-over-year milestone. On June 20th 2013, bond markets were convulsing and rates were in the midst of what we called “The worst 2-day move in 4 years” That move brought the average closing cost adjusted rate up to 4.29%. Today's average is 4.18%. So for the first time in over a year, and as Calculated Risk suggested would happen soon, mortgage rates are officially lower year-over-year.

While this is primarily a factor of the timing of 2013’s rapid increases, it’s nonetheless a welcome development on some level. Given all the turmoil that was yet to come on June 20th last year, it’s reassuring that markets were able to take a logical step back from the brink of insanity (where “insanity” = rates so high that no one is interested in real estate besides cash buyers).

California Mortgage Rates


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