Mortgage Rates Fall Back to Recent Lows

Mortgage rates recovered today after moving higher for the first time in nearly 2 weeks yesterday.  In the bigger picture, rates have been in a back-and-forth pattern near long-term lows.  Most of October and early November were spent with rates moving higher in that pattern after late September marked a surge lower.  While we wouldn't call the past few weeks a "surge" per se, they've at least been moving in the right direction. 

The average lender improved back to levels seen about a week ago.  Those were the best offerings in roughly 3 weeks.  That said, we're only talking about small moves in the grand scheme of things.  Most prospective borrowers will only be seeing slightly lower upfront costs on any given loan quote, if not a complete absence of change.

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