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Why Mortgage Rates Vary Between Consumers
The Mortgage Professor: Why do some borrowers pay higher mortgage interest rates than others?
Feb. 5, 2015
By JACK GUTTENTAG The Mortgage Professor - Tribune News Service
The Consumer Financial Protection Bureau recently unveiled an Internet-based tool designed to help consumers shop effectively for the lowest possible mortgage interest rate. For this tool to work, it must help mortgage shoppers distinguish between rate differences that are justified, which borrowers would have to pay in a perfect market no matter how effectively they shop; and rate differences that arise because lenders know more than borrowers and control the process, which might be overcome by effective shopping.
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