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'Tis the season to buy a home

Faster closings
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Fewer transactions mean faster closings. "November and December are historically slower months in the mortgage business, so things get done faster," says Brad Walbrun, a mortgage consultant for A and N Mortgage Services in Chicago.

Not only that, "Financial institutions and lenders that are looking to close the books on 2009 may be more willing to act quickly to get a transaction closed by year end," says Chris. That means it may take less time to get an offer accepted on a foreclosure or short sale property, a real boon for buyers who want to close quickly.


 

 

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Mortgage Overnight Averages
Product Rate +/- Last week
30 yr fixed mtg
3.67% 3.62%
15 yr fixed mtg
2.80% 2.76%
5/1 ARM
2.60% 2.58%
30 yr fixed mtg refi
3.65% 3.61%
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