Mortgage rates were almost perfectly unchanged today. That leaves them right in line with last Friday's levels. I devoted a considerable number of words in yesterday's article to explaining why most other articles about mortgage rates were inaccurate yesterday. Suffice it to say that the absence of change compared to last Friday fully drives home the point I was making. In short, due to the primary source data that most news organizations use for their big mortgage story each week, the average article proclaimed a nice drop in rates. In actuality, that drop happened at the end of last week. From there, rates have barely budged.
These rates aren't the worst we've seen and they're not the best. They're pretty comparable to most of the past few months. You'd have to go back to May 2018 to see anything appreciably worse, but if you go back much farther, rates would look better and better (until you get to 2011, and then they'd look worse again). The bottom line is that we're kicking the can sideways just off long-term highs. Ups and downs have been small in recent weeks/months as underlying bond markets come to terms with a new, higher-rate reality. There's no telling when that range will give way, but when it does, rates should move with a greater sense of urgency.