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WEEKLY RATE TRENDS (Updated on Thursday January 26th, 2012:

STABLE!  Residential rates continue to benefit from a strong bond market.  A weak European economy coupled with a favorable statement from the Federal Reserve helps the 30 year fixed rate remain at the 4% level.  

However, you should also be aware that rate spikes can occur for a variety of reasons, including inflation, improving economic news, changes in currency exchange rates, turmoil in far away lands, as well as improving returns on investments other than Mortgage Backed Securities. To combat possible volatility, especially if you are closing within the next 60 days, you may be well off to lock-in today's rate, which are still near historic lows.  Before you lock, you should confirm that your program allows for a float-down should rates decline while your loan is being processed.  A float-down will protect you from rate increases but at the same time allows you to  benefit if your product rate decreases while your loan is being processed.