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Rates Close In On Lowest Levels in Over a Year

Mortgage rates have had a few first world problems to complain about recently.  Well, there's really only been one: a relative inability to keep pace with the broader decline in rates as seen in the Treasury market.  If Treasuries are the "master," mortgage rates are the proverbial dog on a leash.  The dog can pull ahead, heel faithfully, or drag recalcitrantly behind.  The latter has been mortgage rates' M.O. for the past few weeks owing to some abstruse loan performance data that made investors rethink the value they were placing on mortgage investments. 

But now, the broader rate market has done well enough over the past two weeks that even the mortgage market is forced to participate.  To be clear, mortgage rates haven't dropped nearly as much as Treasuries, but at least they've dropped!  The average lender is easily at the lowest levels since late March, 2019.  They're also getting very close to breaking below those levels (it would only take another day or two like today).  If that happens, rates would officially be at the lowest levels in well over a year, and the going rate on a conventional 30yr fixed loan would be just under 4% in the most ideal scenarios.

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