Mortgage Charges Trickle Decrease But Once more
Mortgage rates fell again today – now officially below their lowest level in 2 weeks. To do that, rates had to completely undo the damage done exactly 2 weeks ago after the Fed announcement caused the biggest one-day rise in months. That rebound was largely (but not entirely) achieved yesterday. Today it was simply about crossing the finish line with modest improvements to the underlying bond markets.
Bonds in particular are losing some ground this afternoon. It is too late for the average lender to make changes to mortgage rates today, but if those levels stay intact tomorrow morning, rates are likely to be a little higher.
The biggest volatility potential of the week is still reserved for the reaction to the job report from Friday morning.
The average lender today offers conventional fixed 30-year purchase rates of around 3.00%, with refis being around an eighth of a point (0.125%) higher. This assumes a top-tier scenario and “no cash-out” on the refi side.