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Current mortgage rates may be favorable or not so favorable, depending on what's currently going on in the market. It also depends on which market you are interested in - there can be a big difference in current mortgage rates for the residential housing market and the commercial construction market, for example. Many factors will influence current mortgage rates, and at any given time, they may go up or down.
This is why professionals often advise to wait on a purchase if they know that market conditions are likely to improve a few weeks down the road.
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Equal Housing Lender