After rising for two weeks, mortgage rates moved a little lower this week. Slower than average economic growth and low inflation persuaded investors to purchase bonds, including mortgage-backed securities. Following three months of declines, mortgage rates appear to be settling into a range so far in September. The most significant economic data released during the week was the monthly inflation reports. Rising inflation erodes the value of bonds and pushes mortgage rates higher. In the

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The Department of Housing and Urban Development (HUD) and the Department of the Treasury (DOT) announced improvements to the existing Making Home Affordable Program (MHA) and Federal Housing Administration (FHA) refinance program that will give a greater number of responsible borrowers an opportunity to remain in their homes.

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If you have not looked into refinancing yet, WHY? Historic low rates continue to last longer than anyone has expected… Rates are now the lowest that they have been in more than 40 years!. While there are many complicated factors that go into determining rates, a change in any one of those factors could happen at any time. In particular, what is happening in the European markets has been a major factor in the most

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Here’s our Weekly Rate Summary! Don’t forget to come back and see what’s new and if you can comment on our articles

Conv 30 Year Fixed

RateDisc. PointsAPRPaymentClosing Cost
4.250%1.125%4.387%$1,230$4,578Details
4.375%0.375%4.451%$1,248$2,703Details
4.500% 0.000%4.544% $1,267$1,765Details

FHA 30 Year Fixed

RateDisc. PointsAPRPaymentClosing Cost
4.250%1.058%4.625%$984$3,796Details
4.375%0.510%4.710%$999$2,700Details
4.500%0.000%4.800%$1,013$1,680Details
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With minimal economic news during our holiday week, mortgage rates have continued at the lowest they have been for decades. Last week ended with mortgage rates slightly lower while the volatility in mortgage markets and other financial markets stayed pretty high. Without major changes in the financial markets, sudden movements in rates were known to stir during the holiday week.

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