If you’re shopping for a purchase mortgage and if you’d previously received quotes from one of the slower moving lenders back in late July or early August, you may be looking at mortgage rates that are very close to all-time lows.  If you’re in the market for a refinance, you’re nowhere near all-time lows–especially if you count jumpier lenders (those who change their rates with minimal provocation from the bond market or their operational capacity) and shorter time horizons.  In fact, the average lender was quoting refi rates roughly a quarter of a percent lower in early August before the new refi fee was announced.

For what it’s worth, the rates on MND are weighted in favor of the market profile when it comes to purchases vs refis.  As such, the comparatively higher rates for refis have pulled the average higher (refis comprise more of the market).  Given my lust for accuracy and precision, we may break out purchases and refis into separate indices until and unless the adverse market fee goes away, and that could take years.

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