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BY: MATTHEW GRAHAMSep 10 2019, 5:38PM

Mortgage rates and the broader bond market are both in the midst of a correction after hitting the best levels in more than 3 years last week.  This is a correction that many market watchers were worried about on several occasions in August.  But every time it looked like rates had bottomed, it only took a few days of indecision before they were again pressing into new long-term lows. 

This most recent break from long-term lows has been far more threatening with 2 of the past 4 business days bringing the biggest single-day jumps in several months.  As a result, the average lender is now back to offering rates last seen in early August. 

Notably, a conventional 30yr fixed rate of 3.75% is right in the neighborhood of what many borrowers would be quoted today.  That said, for many lenders 3.75% makes no sense.  The reason has to do with structure of the secondary mortgage market.  Long story short, it only costs the average lender a tiny bit more to offer 3.625%.  

So what should you do?  Simply put, if you’re being quoted 3.75% on a conventional 30yr fixed, ask your lender what it would cost to buy the rate down to 3.625% and compare the monthly savings against the additional upfront expense.  It might be less than you anticipate.

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