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San Diego Mortgage Rates Report: December 2010
If you've been following the November mortgage rates rollercoaster, you have to wonder how conventional mortgage rates almost dropped below 4%, then almost topped 4.5%, and are hovering in the middle of that range today.  What will December bring in the mortgage rates market?
Let's look at what happened:
1- Warning signs about the second round of Federal Reserve Quantitative Easing (QE2), flashed at the beginning of November.  Still, the mortgage bond traders like what they saw in initial rollout of the program:
The best conforming 30 year fixed mortgage rates have moved back down to a range between 3.875% and 4.25%. 3.75% is phantom but I've received more than a dozen emails from borrowers who locked in a 30 year fixed loan at 3.75% today. Read "phantom"as believing in the existence of 3.75% but not having scientific proof. 4.25% is widely quoted with no closing costs while 3.875% still carries an expensive closing cost price tag.
2- While pleased with the initial reaction, I sensed a crack in the foundation of the bond market, and issued a lock-in alert, after the first weekend of November:
Mama Grizzly and Mama Brady know something about inflation; they do the weekly grocery shopping.  ... more

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