Mortgage rates are down again

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Mortgage loan rates fell again today – now officially below the lowest level in the last 2 weeks. To do this, rates had to completely erase the damage done exactly two weeks ago after the Fed’s announcement triggered the biggest one-day jump in months. This restoration was largely (but not entirely) completed yesterday. Today it just needed to cross the finish line with modest improvements in the major bond markets.

It is noteworthy that bonds are losing positions this afternoon. It is too late for the average lender to make any changes to today’s mortgage rates, but if those levels persist tomorrow morning, rates are likely to be slightly higher.

As it has been and remains, the biggest potential volatility of the week is reserved for reaction to Friday morning’s employment report.

The average lender today offers typical 30-year fixed purchase rates of about 3.00%, and refinancing is about an eighth point (0.125%) higher. This assumes a higher tier scenario and a “cashless payout” on the refinancing side.

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