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Mortgage Rates Update > 10/25/13

Graph of 30-Year Conventional Mortgage Rate
The markets were still yet again today, ending the second consecutive week of substantial improvement. These improvements in mortgage rates can be attributed to several factors of the improving economy; one of these is actually lay-offs. Bank of America announced today that it will lay off over 1,000 employees who work on refinancing, with another 3,000 who work on problem loans to be released by years end. It’s actually good news; the less bad mortgages and refinances being processed, the less people needed to work to repair them.

The average 30-year fixed rate ended the week at around 4.15%, down from last weeks close at 4.25%. The average 15-year rate closed at the 3.25% range, down considerably from last weeks close at 3.25%. The average 5/1 year ARM ends the week where it started, at the 3.14% range.

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