Mortgage Rates Drop Abruptly; Now Approaching 4%

After tying the record for most consecutive days with no change, mortgage rates moved significantly lower today. The significance isn’t due to the size of the move–as far as day to day changes go, there have been bigger. Rather, the impressive part of today’s rally is that it occurred while rates were already effectively at the lowest levels in 11 months, further extending an already strong move lower over the past two months.

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