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Mortgage Rates Improve Slightly Today, But Risks Remain

Mortgage rates recovered a small portion of their recent losses today, but the average loan applicant might not even notice.  The 2 key ingredients of a mortgage rate (for the purposes of tracking their movement) are the rate itself (the "note rate") and the upfront costs tied to that rate.  The note rate and associated costs make up what many refer to as an "effective rate" (a number, expressed in interest rate form, that adjusts the actual note rate based on the implications of upfront cost changes.

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