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Mortgage rates seem to be falling after the Bond Market has improved. The market opened today with the following data: at 8:37 AM: MBS are up +3bp. No major economic data will be released today. at 10:AM: MBS are up +6bp (UMBS 30yr 6.0 at 100.88), around 3bp higher than Friday at this time. It has been a quiet morning. No major economic data will be released today. The Dow is up 50 points.

The rate update: For a 30 year conventional fixed rate mortgage, the par rate is 6.875%/APR 7.068%, on a $400,000 purchase w/20% down and loan of $320,000 with a P/I payment of $2,102. Lowest rate at 5.750%/APR 6.284% with $11,798 in discount points to buydown the rate with a P/I payment of $1,867.