Mortgage rates saw a slight decline on Tuesday due to disappointing retail sales figures, although early indicators suggest rates might rise today. Current mortgage programs display varied rates with slight changes, and the market remains unpredictable with frequent intraday swings. The article emphasizes the importance of strategic rate locking depending on closing timelines and the prevailing market trends. Despite some economic reports due today, none are expected to notably impact mortgage rates, leaving changes to market sentiment. The article underscores the necessity of comparison shopping for mortgages, as it can lead to significant savings over the loan's lifetime. Factors influencing mortgage rates include the economy, lender capacity, property type, loan-to-value ratio, debt-to-income ratio, loan term, credit score, and mortgage discount points. The piece also highlights the difference between fixed-rate and adjustable-rate mortgages and provides insights into various mortgage programs and tips for obtaining the best rates.
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