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Mortgage Rates Deeper into 2 Month Lows as Stocks Swoon

Mortgage rates technically hit their lowest levels in exactly 2 months yesterday.  Today merely takes them deeper into that territory.  The size of the improvement is less impressive and less meaningful compared to that "lowest in more than 2 months" talking point.   That said, taken in conjunction with the last 4 business days, the average lender is roughly an eighth of a percentage point lower.  That comes out to $7/mo for every $100k financed (or $21/mo on a $300k loan).

On a somewhat frustrating note, mortgage rates didn't experience nearly as big of a move as the broader bond market.  For instance, 10yr Treasuries--the most widely-used benchmark for longer-term interest rates) dropped 0.05% today.  Mortgages only managed to drop by 0.02% in terms of effective rates. 

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