Mortgage rates experienced a sharp increase over the last several days. Strengthening equity prices and the likelihood of a further cut to short-term interest rates seem to be the major culprit. Long-term lenders do not like the inflationary implications of repeated and aggressive cuts to short-term rates. The Federal Reserve, in an effort to save the economy from recession, is actually worsening the picture for mortgage pricing. This week, 30 yr fixed rate mortgages without discount points can be acquired in a range from 6.25% to 6.625%, depending upon loan size and the borrower's creditworthiness.
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