Daily Market Update 1/9/12

Mortgage rates inched lower Monday, approaching historic lows.  No key economic data will be released today.  Those considering refinancing may want to start the process prior to February 1, when lenders will begin passing on higher Fannie Mae and Freddie Mac guarantee fees to borrowers.  The fee increases, which equate to about .125% higher mortgage rates, resulted from the two month payroll tax cut extension enacted by Congress and signed by the President in December.

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