Mortgage Rates Lowest in Nearly a Year

Mortgage rates have been plummeting, depending on your definition of the word.  To be sure, the past 2 months have no competition in nearly 3 years.  The past few days have been special in their own right.  Whereas there was cause for concern about the new year bringing a bounce for stock prices and mortgage rates, stocks haven't done much of anything in the context of their late-2018 volatility, and mortgage rates have dropped another eighth of a percentage point (or more, depending on the lender).

There are now lenders quoting 30yr fixed rates as low as 4.375% on top tier scenarios with the average lender back to 4.5%.  That's quite a jump from the 5.125% average at the recent highs (just 2 months ago). 

There's still risk associated with the new year, however.  Tomorrow's jobs report is still a potential flashpoint for volatility.  Make sure you have a gameplan to account for positive or negative outcomes tomorrow.  Things could be happening quickly fairly early in the morning.

This Daily Mortgage Rate Update is provided in partnership with Mortgage News Daily.