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The past 2 weeks have been rough for fans of low mortgage rates. The average borrower at that time went up at the fastest pace since February. As of late last week, the average lender was above 7% for the top-tier 30yr fixed scenario (and “well above” on Friday).
What a difference the weekend makes. While we are nowhere near the lows seen several weeks ago, the bond market (which drives down rates) has been able to recover all of the losses seen on Thursday and Friday, as well as a small portion of Wednesday’s boot. Was.
Mortgage lenders responded accordingly, slashing rates back in line with levels seen at the start of the week. This brings the average lender to less than 7% for the top tier 30yr fixed scenario. As always, keep in mind that rates are often offered in increments of 0.125%. This means that rate quotes are 6.875 to 7.00% in the most common cases, but more than a few lenders are outside that range as well.
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