Posted To: Mortgage Rate Watch

Today ended up being fairly uneventful for mortgage rates –a welcome reprieve in the context of recent volatility. Actually, “volatility” is putting it mildly. 2021 has been a total rout for longer-term rates, even if 30yr fixed mortgages in the low-to-mid 3% range are historically excellent. That “historical context” argument is good perspective for the casual observer, but precious little consolation to a prospective borrower that saw rates of 2.75% a few months ago and believed the hype that they’d keep going lower. Borrowers seeking loans for investment properties and 2nd homes are finding an increasing supply of drama as recent regulatory efforts have resulted in a majority of lenders making big adjustments to the costs of those loans. In the worst cases, it can cost you more than 7 additional…(read more)

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Source: Mortgage News Daily