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This week’s mortgage rates and predictions

By Holden Lewis ·
Thursday, May 27, 2010
Posted: 11 am ET

Mortgage rates fell again to their lowest levels since Bankrate began its weekly rate surveys in 1985. This week, the 30-year fixed averaged 4.92 percent.

The survey is conducted on Wednesdays. So far today, there has been upward pressure on mortgage rates. Mortgage bond yields are at their highest in 10 days, which isn't saying much. They're still extraordinarily low.

This week's Mortgage Rate Trend Index is reformatted. It's more useful and looks much better. A plurality of RTI voters say rates will be relatively unchanged (plus or minus 2 basis points) in a week. About three-eights of the voters predict rates will rise, and I am in the minority who think rates will drop. Yet I still think you should lock your rate as soon as you can.

As for my nonstellar RTI voting record, I've guessed right in 23 of the last 52 weeks, for a batting average of .442.

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