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Rates (mortgage and otherwise) dropping; here’s what’s going on

Long-term rates have continued in a narrow band, but in very odd behavior have trended ever-so-slightly down. The 10-year T-note today trades at 1.70 percent, the lowest since the April 7 top at 1.93 percent, and lowest-fee mortgages are sliding under 3.75 percent. Why odd? This slide began two weeks ago, all through the week …

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What’s the deal with private lenders, anyway?

Lenders are often asked, “Aren’t there any private lenders?” (Realtors and borrowers often ask us shortly after we have told the applicant, “Fannie says no.”) Today the primary sources of mortgage credit are government agencies, all with relatively rigid standards. Jumbo lending is similar, a narrow and shallow side-pocket. “Yes, but I have a friend …

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