Mortgage rates fell on Friday, as weaker-than-expected economic data lifted mortgage-backed securities (MBS), which most directly influence interest rate movement. Overall, mortgage interest rates closed the week at similar levels seen a week earlier, as the improvements on Friday were enough to offset the weakness in rates earlier in the week. A disappointing reading on Q4 GDP sent mortgage rates lower on Friday, and a number of lenders updated their mortgage pricing with lower rates. While the most prevalently quoted interest rate on the 30-year fixed mortgage remains around 4.25%, the upfront costs can now be lower at some lenders. At the same time, a few mortgage loan providers are now offering this type of loan for as low as 4.125%.
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