Posted To: Mortgage Rate Watch

Mortgage rates cooled off today, rising for the first time since July 27th for the average lender. Between now and then we’ve seen a string of what have mostly been new record lows with top tier 30yr fixed offerings well under 3%. For more on what constitutes a “top tier scenario,” check out yesterday’s explainer . It’s an interesting time for rates. We’ve seen record lows before, but we haven’t seen this combination of staying power at those lows coupled with the expectation for additional improvements in the future. In other words, it was pretty logical for rates to drop quickly in response to covid-related realities and it would be pretty logical for rates to remain in this territory (or better) as long as those realities persist. Be careful with that logic though… While the Fed continues…(read more)

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Source: Mortgage News Daily