The average monthly mortgage payment for a home purchase rose in recent weeks, even as the tight housing market shows signs of loosening.
Payments increased 10% year-over-year to an all-time high of $2,721 for the four weeks ended March 24, Redfin said on Thursday morning.
The Mortgage Bankers Association also released its February Purchase Applications Payment Index the same day, and found the median disbursement increased by $50 from January, to $2,184. That figure is a $123 increase from February 2023.
The PAPI value increased 2.4% to 170.7 in February from 166.8 in January. For the same month last year, the index was 169.7, a 1.1% increase, with the year-over-year change attributed to a 4.8% rise in median income besides the 6% rise in payments.
Rates sticking around the 7% range is a contributing factor, the MBA said.
“Challenging affordability conditions and low housing supply are keeping some prospective homebuyers on the sidelines this spring,” said Edward Seiler, associate vice president, housing economics, and executive director of the Research Institute for Housing America, in a press release. “The eventual, expected decline in rates in the coming months will hopefully spur new activity in the housing market.”
However, Redfin pointed out that during the period, new listings were up 15% from the four weeks ended March 24, 2023, the most in nearly three years. The total number of homes is 6% higher, the biggest increase in approximately one year.
“High mortgage rates aren’t deterring buyers as much as they were last year; a lot of people want to get in now before prices go up more,” said Redfin agent Rachel Riva based in Miami, in a press release. “All of my recent listings have gone under contract in under 10 days, and most of them have received multiple offers.”
Buyers are dealing with elevated mortgage rates in a number of ways, Riva pointed out. “Some are making high down payments to lower their monthly payments, and some are willing to take on a high rate now in hopes of refinancing when and if rates come down.”
Median-priced single-family homes and condos remain less affordable in the first quarter compared with historical averages in more than 95% of U.S. counties that Attom Data Solutions had enough data to analyze.
Meanwhile, major expenses on those homes were 32.3% of the average national wage in the first quarter, several points above common lending guidelines.
As bad as that data sounds, it is actually a quarter-to-quarter improvement for both, although worse than one-year prior, Attom said.
The portion of average wages nationwide required for typical mortgage payments including property taxes and insurance remains up almost 3 percentage points from one year ago and 11 points higher from early in 2021.
“The picture for home buyers is brightening a little again as affordability measures have improved for the second quarter in a row,” said Rob Barber, Attom’s CEO, in a press release.
Even though the prospect of owning a home remains a financial stretch or even a pipe dream, for many households, with mortgage rates coming down from high points near 8% and home prices growing only by modest amounts, “it’s gotten a bit easier for average wage earners to afford a home so far this year,” Barber said. “The upcoming Spring buying season will say a lot about whether home prices remain stable enough for this trend to continue.”
In only 13 counties nationwide were home prices more affordable than the historical average, but even that needed to be taken with a grain of salt because two of those locales were New York County, also known as Manhattan, and San Francisco County, whose entirety is the city limits. Those are traditionally among the highest priced markets in the U.S.
There are probably only a few 4-day streaks with effectively no movement in mortgage rates, and this is one of them. After falling to 6.91% last Friday, the MND rate index hasn’t moved more than 0.01%. Granted, some lenders have been higher or lower during that time, but they offset each other in such a way that the average stayed flat.
There’s no special significance to this development. It’s more of a trivia novelty. If we were determined to assign meaning, we could say that the flat performance is evidence that the rate market is fraught with uncertainty as it waits to see how the next round of significant economic data will shape the next trend.
Markets don’t have to wait much longer as the more relevant reports start rolling in next Monday. As for this week, there are several middle tier reports on Thursday morning, and then markets are closed on Friday.
Editor’s Note: Parts of this story were auto-populated using data from Curinos, a mortgage research firm that collects data from more than 250 lenders. For more details on how we compile daily mortgage data, check out our methodology here.
Mortgage rates have moved gradually over the past few weeks, with the 30-year fixed-rate mortgage reaching 7.20% APR today, after standing at 7.45% a month ago, according to data from Curinos analyzed by MarketWatch Guides.
Rates moved upward just before last week’s meeting of the Federal Reserve. While the Fed kept interest rates steady, Chairman Jerome Powell indicated in a press conference Wednesday that the board still expected to cut interest rates three times in 2024 despite “seasonal effects” causing a temporary rise in inflation.
Last month’s home prices rose 9.5% month-over-month for February, the largest increase in a year. The median home price increased 5.7% from last year, to $384,500, the National Association of Realtors reported on Thursday.
Here are today’s average mortgage rates:
30-year fixed mortgage rate: 7.20%
15-year fixed mortgage rate: 6.46%
5/6 ARM mortgage rate: 6.99%
Jumbo mortgage rate: 7.10%
Current Mortgage Rates
Product
Rate
Last Week
Change
30-Year Fixed Rate
7.20%
7.19%
+0.01
15-Year Fixed Rate
6.46%
6.48%
-0.02
5/6 ARM
6.99%
6.98%
+0.01
7/6 ARM
7.17%
7.14%
+0.03
10/6 ARM
7.20%
7.22%
-0.02
30-Year Fixed Rate Jumbo
7.10%
7.09%
+0.01
30-Year Fixed Rate FHA
6.93%
6.90%
+0.03
30-Year Fixed Rate VA
6.98%
6.98%
0.00
Disclaimer: The rates above are based on data from Curinos, LLC. All rate data is accurate as of Friday, March 29, 2024. Actual rates may vary.
>> View historical mortgage rate trends
Mortgage Rates for Home Purchase
30-year fixed-rate mortgages are up, +0.01
The average 30-year fixed-mortgage rate is 7.20%. Since the same time last week, the rate is up, changing +0.01 percentage points.
At the current average rate, you’ll pay $678.79 per month in principal and interest for every $100,000 you borrow. You’re paying more compared to last week when the average rate was 7.19%.
15-year fixed-rate mortgages are down, -0.02
The average rate you’ll pay for a 15-year fixed-mortgage is 6.46%, a decrease of-0.02 percentage points compared to last week.
Monthly payments on a 15-year fixed-mortgage at a rate of 6.46% will cost approximately $868.91 per $100,000 borrowed. With the rate of 6.48% last week, you would’ve paid $870.01 per month.
5/6 adjustable-rate mortgages are up, +0.01
The average rate on a 5/6 adjustable rate mortgage is 6.99%, an increase of+0.01 percentage points over the last seven days.
Adjustable-rate mortgages, commonly referred to as ARMs, are mortgages with a fixed interest rate for a set period of time followed by a rate that adjusts on a regular basis. With a 5/6 ARM, the rate is fixed for the first 5 years and then adjusts every six months over the next 25 years.
Monthly payments on a 5/6 ARM at a rate of 6.99% will cost approximately $664.63 per $100,000 borrowed over the first 5 years of the loan.
Jumbo loan interest rates are up, +0.01
The average jumbo mortgage rate today is 7.10%, an increase of+0.01 percentage points over the past week.
Jumbo loans are mortgages that exceed loan limits set by the Federal Housing Finance Agency (FHFA) and funding criteria of Freddie Mac and Fannie Mae. This generally means that the amount of money borrowed is higher than $726,200.
Product
Monthly P&I per $100,000
Last Week
Change
30-Year Fixed Rate
$678.79
$678.11
+$0.68
15-Year Fixed Rate
$868.91
$870.01
-$1.10
5/6 ARM
$664.63
$663.96
+$0.67
7/6 ARM
$676.76
$674.73
+$2.03
10/6 ARM
$678.79
$680.14
-$1.35
30-Year Fixed Rate Jumbo
$672.03
$671.36
+$0.67
30-Year Fixed Rate FHA
$660.61
$658.60
+$2.01
30-Year Fixed Rate VA
$663.96
$663.96
$0.00
Note: Monthly payments on adjustable-rate mortgages are shown for the first five, seven and 10 years of the loan, respectively.
Factors That Affect Your Mortgage Rate
Mortgage rates change frequently based on the economic environment. Inflation, the federal funds rate, housing market conditions and other factors all play into how rates move from week-to-week and month-to-month.
But outside of macroeconomic trends, several other factors specific to the borrower will affect the mortgage interest rate. They include:
Financial situation: Mortgage lenders use past financial decisions of borrowers as a way to evaluate the risk of loaning money.
Loan amount and structure: The amount of money that bank or mortgage lender loans and its structure (including both the term and whether its a fixed-rate or adjustable-rate).
Location: Mortgage rates vary by where you are buying a home. Areas with more lenders, and thus more competition, may have lower rates. Foreclosure laws can also impact a lender’s risk, affecting rates.
Whether borrowers are first-time homebuyers: Oftentimes first-time homebuyer programs will offer new homeowners lower rates.
Lenders: Banks, credit unions and online lenders all may offer slightly different rates depending on their internal determination.
How To Shop for the Best Mortgage Rate
Comparison shopping for a mortgage can be overwhelming, but it’s shown to be worth the effort. Homeowners may be able to save between $600 and $1,200 annually by shopping around for the best rate, researchers found in a recent study by Freddie Mac. That’s why we put together steps on how to shop for the best mortgage rate.
1. Check credit scores and credit reports
A borrower’s credit situation will likely determine the type of mortgage they can pursue, as well as their rate. Conventional loans are typically only offered to borrowers with a credit score of 620 or higher, while FHA loans may be the best option for borrowers with a FICO score between 500 and 619. Additionally, individuals with higher credit scores are more likely to be offered a lower mortgage interest rate.
Mortgage lenders often review scores from the three major credit bureaus: Equifax, Experian and TransUnion. By viewing your scores ahead of lenders considering you for a loan, you can check for errors and even work to improve your score by paying down balances and limiting new credit cards and loans.
2. Know the options
There are four standard mortgage programs: conventional, FHA, VA and USDA. To get the best mortgage rate and increase your odds of approval, it’s important for potential borrowers to do their research and apply for the mortgage program that best fits their financial situation.
The table below describes each program, highlighting minimum credit score and down payment requirements.
Though conventional mortgages are most common, borrowers will also need to consider their repayment plan and term. Rates can be either fixed or adjustable and terms can range from 10 to 30 years, though most homeowners opt for a 15- or 30-year mortgage.
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3. Compare quotes across multiple lenders
Shopping around for a mortgage goes beyond comparing rates online. We recommend reaching out to lenders directly to see the “real” rate as figures listed online may not be representative of a borrower’s particular situation. While most experts recommend getting quotes from three to five lenders, there is no limit on the number of mortgage companies you can apply with. In many cases, lenders will allow borrowers to prequalify for a mortgage and receive a tentative loan offer with no impact to their credit score.
After gathering your loan documents – including proof of income, assets and credit – borrowers may also apply for pre-approval. Pre-approval will let them know where they stand with lenders and may also improve negotiating power with home sellers.
4. Review loan estimates
To fully understand which lender is offering the cheapest loan overall, take a look at the loan estimate provided by each lender. A loan estimate will list not only the mortgage rate, but also a borrower’s annual percentage rate (APR), which includes the interest rate and other lender fees such as closing costs and discount points.
By comparing loan estimates across lenders, borrowers can see the full breakdown of their possible costs. One lender may offer lower interest rates, but higher fees and vice versa. Looking at the loan’s APR can give you a good apples-to-apples comparison between lenders that takes into account both rates and fees.
5. Consider negotiating with lenders on rates
Mortgage lenders want to do business. This means that borrowers may use competing offers as leverage to adjust fees and interest rates. Many lenders may not lower their offered rate by much, but even a few basis points may save borrowers more than they might think in the long run. For instance, the difference between 6.8% and 7.0% on a 30-year, fixed-rate $100,000 mortgage is roughly $5,000 over the life of the loan.
Expert Forecasts for Mortgage Rates
Mortgage rates have cooled significantly over the past several months. After the 30-year fixed-rate mortgage hit 8% last October, it ended 2023 closer to 7%. In fact, the average for Q4 2023 was 7.3%.
Analysts with Fannie Mae and the Mortgage Bankers Association (MBA) both project that rates will fall going into 2024 and throughout next year.
Fannie Mae economists expect rates to drop more quickly, falling below 6% by Q4 2024. Meanwhile, the MBA’s forecast for Q4 2024 is 6.1% and 5.9% for Q1 2025.
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More Mortgage Resources
Methodology
Every weekday, MarketWatch Guides provides readers with the latest rates on 11 different types of mortgages. Data for these daily averages comes from Curinos, LLC, a leading provider of mortgage research that collects data from more than 250 lenders. For more details on how we compile daily mortgage data, check out our comprehensive methodology here. Editor’s Note: Before making significant financial decisions, consider reviewing your options with someone you trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.
There are no significant economic data on tap today. The only notable event is the 7yr Treasury auction (the last of the week) and it’s a bit of a stretch to refer to a 7yr auction as “notable.” Far more interesting were the overnight developments in Japan, resulting in a 34yr low for Yen vs the dollar. Yen weakness has often precipitated selling of USD-denominated assets (like Treasuries) by the bank of Japan. This is never enough to completely change a trend in US rates, but it has added volatility at times. In light of that news overnight, waking up to modest gains this morning is a victory.
Here’s the longer-term relationship between rates and Yen:
There are certainly other variables in play that contribute to this generally inverse relationship and there is certainly plenty of variation over shorter time horizons. Today has proven to be a good example. The actual phenomenon of long-term lows for Yen was not a huge deal as it was just a small extension of existing weakness. Moreover, investors who’d been worried about negative comments from the Bank of Japan (BOJ) were instead treated to a more moderate approach.
In other words, there are past examples of major Yen weakness that result in the BOJ saying it will take measures to bolster the Yen. Those “measures” are either explicit promises to sell USD-denominated assets or they’re vague comments that are assumed to be the same. In today’s case, there were no such comments–at least not yet. The BOJ and Japan’s Ministry of Finance will be meeting at 6:15pm ET to discuss an official response to Yen weakness.
How much could that impact Treasuries? That remains to be seen, but it wouldn’t be nearly enough to counteract any cohesive message in domestic economic data. In other words, it would just add noise to the front line market movers for US rates.
Sales of previously occupied U.S. homes rose in January from the previous month to the strongest pace in a year with homebuyers encouraged by a modest pullback in mortgage rates and more properties on the market.
Existing home sales climbed 9.5% last month from January to a seasonally adjusted annual rate of 4.38 million, the National Association of Realtors® said Thursday.
The pickup in sales helped push up home prices compared with a year earlier for the eighth month in a row. The national median sales price climbed 5.7% from a year earlier to $384,500. That’s the highest median sales price for February on records going back to 1999.
At the end of last month, there were 1.07 million unsold homes on the market, a 5.9% increase from January and up 10.3% from a year earlier. That’s the highest inventory of homes for sale for February since 2020, the NAR said.
“Additional housing supply is helping to satisfy market demand,” said Lawrence Yun, the NAR’s chief economist.
Homeownership affordability problems do not end once the consumer closes on the property, as nearly nine out of every 10 said the true cost is higher than expected, a Clever Real Estate study said.
Nearly three in five respondents, 58%, said they had buyers’ remorse, and among those that bought their property in 2020 (when the pandemic-fueled boom started) or later, the regret rate was over two-thirds at 68%. Purchasers before that time, 54% said they had buyers’ remorse.
The average homeowner spends $17,958 annually on expenses; if the borrower stays in the property for the entire 30-year term of a typical mortgage, that adds up to $538,740, Clever RE and its Real Estate Witch online publication found.
About 36% of homeowners believe owning their home has negatively affected their finances, with 23% stating it’s negatively impacted their mental health.
Had they known the total cost ahead of time, 60% of respondents claimed they would have made a different homebuying decision.
The top two choices about what they would have done differently is that they would have purchased a property that requires less maintenance, or negotiated a better price or contingencies, both at 21%. Waiting until mortgage rates fall was cited by 14%; respondents could choose more than one response.
Those who bought a home in 2023 or 2024 were more likely to say they overpaid than those who bought before 2010, 46% to 16%. From the entire sample, about 26% of homeowners say they overpaid.
Just under half stated they are spending more money owning a home than they would have on renting, supporting some recent studies on the costs of both. Meanwhile 28% stated if they had their druthers, they would prefer to return to renting.
Nearly two-thirds of respondents had regrets about their purchase, with 15% stating their mortgage payments are too high and 13% saying their interest rate is too high; more than one answer was possible for this question.
Clever/Real Estate Witch did an online survey of 1,000 U.S. homeowners on Feb.1 and 2. Each respondent answered 25 questions.
A separate study from Redfin released on Thursday found a buyer must earn $75,849 annually to afford the typical starter home as of February, up 8.2%, or $5,767 over a year earlier.
Different data Redfin put out that same day found for all homes, the average monthly payment on a purchase for the four weeks ended March 24 was at an all-time high.
“The most affordable homes are much smaller and often require a lot of work to make them habitable — which makes them cost even more,” Elijah de la Campa, senior economist at Redfin, said in a press release. “Today’s most affordable homes are still hard for the average American to afford, let alone the average first-time buyer who tends to put less money down in exchange for higher monthly payments.”
The Mortgage Bankers Association said its Market Composite Index moved lower last week, apparently indifferent to a slight improvement in mortgage interest rates. The Index, which measures loan application volume, decreased 0.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index declined 0.4 percent compared with the previous week.
The Refinance Index decreased 2.0 percent from the previous week and was 9.0 percent lower than the same week one year ago. The refinance share of mortgage activity accounted for 30.8 percent of total applications compared to 31.2 percent the previous week.
The Purchase Index ticked down 0.2 percent both before and after its seasonal adjustment. It was 16.0 percent lower than the same week one year ago.
“Mortgage application activity was muted last week despite slightly lower mortgage rates. The 30-year fixed rate edged lower to 6.93 percent, but that was not enough to stimulate borrower demand,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Purchase applications were essentially unchanged, as homebuyers continue to hold out for lower mortgage rates and for more listings to hit the market. Lower rates should help to free up additional inventory as the lock-in effect is reduced, but we expect that will only take place gradually, as we forecast that rates will move toward 6 percent by the end of the year. Similarly, with rates remaining elevated, there is very little incentive right now for rate/term refinances.”
Additional Highlights from the MBA Weekly Mortgage Application Survey
Loan sizes slipped slightly lower last week. The average was $387,000, down from $389,800 and purchase loans averaged $441,800 compared to $445,000.
FHA and the VA applications each accounted for a 12.0 percent share of the total, declining 0.1-point from the prior week. The USDA share remained at 0.5 percent.
The average contract interest rate (6.93 percent) for conforming 30-year fixed-rate mortgages (FRM) was 4 basis points lower than a week earlier. Points decreased to 0.60 from 0.64.
Jumbo 30-year FRM had an average interest rate of 7.14 percent,unchanged week-over-week. Points dropped to 0.38 from 0.54.
The average contract interest rate for 30-year FRM backed by the FHA decreased to 6.75 percent from 6.89 percent,with points decreasing to 0.97 from 1.04
Fifteen-year FRM rates were down 3 basis points from the previous week to an average of 6.46 percent with points increasing to 0.75 from 0.70.
The average contract interest rate for 5/1 adjustable-rate mortgages (ARMs) decreased to 6.27 percent from 6.33 percent.Points increased to 0.6 from 0.55.
The ARM share of activity moved from 7.2 percent of applications to 7.0 percent.
Looking for the most up-to-date mortgage rates to empower your purchasing or refinancing decisions? We’ve got you covered.
Here, you can view today’s mortgage interest rates, updated daily according to data from Bankrate, so you can have the most current data when purchasing or refinancing your home.
30-year fixed rate mortgages
The average mortgage interest rate for a standard 30-year fixed mortgage is 6.91%, an decrease of 0.05 percentage points from last week’s 6.96%.
Thirty-year fixed mortgages are the most commonly sought out loan term. A 30-year fixed rate mortgage has a lower monthly payment than a 15-year one, but usually has a higher interest rate.
15-year fixed rate mortgages
The average mortgage interest rate for a standard 15-year fixed mortgage is 6.42%, a decrease of 0.07 percentage points from last week’s 6.49%.
Fifteen-year fixed rate mortgages come with a higher monthly payment compared to its 30-year counterpart. However, usually interest rates are lower and you will pay less total interest because you are paying off your loan at a faster rate.
5/1 adjustable rate mortgages
The average rate on a 5/1 adjustable rate mortgage (ARM) is 6.63%, an increase of 0.12 percentage points from last week’s 6.51%. With an ARM, you will most often get a lower interest rate than a fixed mortgage for say, the first five years.
But you could end up paying more or less after that time depending on your loan terms and how that rate follows the market.
What is the best term for a loan?
When picking a mortgage, it is important to pick out a loan term or payment schedule. Usually you will be offered a 15 or 30-year loan term, but it is not uncommon to see 10, 20, or 40-year mortgages, according to CNET.
Mortgages can be fixed-rate or adjustable-rate. Interest rates in fixed-rate mortgages are set in stone for the duration of the loan.
Adjustable-rate mortgages only have interest rates set for a certain period of time before the rate adjusts annually based on the market.
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Young aspiring homeowners are increasingly reliant on the bank of mom and dad to help make their purchase, new research finds.
Over a third of Generation Z and millennials who plan to buy a home in the near term are expecting to use, in part, gifts from family to help with a down payment, according to a report by Redfin. The 36% share is twice as large as it was just five years ago, the online real-estate brokerage said.
In a 2019 millennial-only poll, 18% said they were turning to family for assistance, The portion increased by only 5 percentage points to 23% last year.
Despite the surge in family support, Gen Z and millennial buyers are also trying to do their part as well in most cases. Approximately 60% of consumers in the same age demographics are regularly saving income to fund a down payment, with 39% also taking on second jobs to help them reach their homeownership goals, Redfin found.
Further down the list of likely funding options was the sale of stock investments, mentioned by 29%, while 22% said they would consider drawing early from retirement funds.
The rising share of consumers using family gifts for a leg up points to a larger affordability issue that makes even a starter-home purchase beyond reach for many, according to Redfin Chief Economist Daryl Fairweather.
“Because housing costs have soared so much, many young adults with family money get help from mom and dad even when they have jobs and earn a perfectly respectable income,” she said in a press release.
“The bigger problem is that young Americans who don’t have family money are often shut out of homeownership. Many of them earn a perfectly good income, too, but they aren’t able to afford a home because they’re at a generational disadvantage; they don’t have a pot of family money to dip into.”
Heightened attention on housing challenges, particularly related to the difficulty in coming up with down payment and closing-cost funding, has turned much of the mortgage industry’s attention toward buyer assistance resources in the past several months. Last year, housing agencies across the country added 135 new programs, a 6% increase from 2022, according to data from Down Payment Resource.
But consumers are sometimes not fully aware of the benefits offered. To address some of the information gap, Freddie Mac also unveiled a portal last fall to help aspiring homeowners and their mortgage lenders find down payment assistance they might qualify for.
As of January this year, just under 2,300 of such programs were available across the country, provided by a combination of groups, including state housing agencies, municipalities and nonprofits, Down Payment Resource said.
In March, two financial institutions announced their plans to up homebuyer assistance efforts. Atlanta-based Citizens Trust Bank launched a new down payment grant program, offering a maximum of $2,000 to eligible borrowers that can help reduce initial costs of the home purchase.
Meanwhile, the Federal Home Loan Bank of Chicago said it would increase the amount made available to each of its Midwestern member institutions to $1 million for funding of their own homebuyer grant programs. The new total represents a 43% increase from the 2023 limit of $700,000, while the overall budget for the Chicago bank’s down payment assistance projects is now over $39 million. Eligible first-time mortgage borrowers will have access to up to $10,000 of financial aid when financing through a member bank or their partners.
Despite recent slowing in home price growth, the current level of housing costs is the No. 1 reason young consumers are opting not to buy in today’s market, Redfin said. In its survey, 43% of the segment not in the market cited it as a factor, followed by 34% who said the inability to save for a down payment deterred them. The challenge of keeping up with mortgage payments and perceived high interest-rate levels was each noted by 29%.
Housing affordability looks likely to rise in the public eye this year, with President Biden seemingly ready to make it a talking point during campaign season. In his recent State of the Union address, Biden called for mortgage tax credits, title insurance alternatives and up to $25,000 in down payment assistance in order to help address affordability challenges the country faces.
Housing issues could play a role in the final presidential election result. In a previous Redfin analysis, its researchers found a majority of U.S. households indicating home affordability might influence who they vote for this year.
Unfortunately, we don’t have a great way to measure all of the past precedents, but it’s safe to say that the this was one of the least volatile weeks in the history of mortgage rates. Our daily rate index never moved more than 0.01 and it remained in a 0.01 range.
Today’s average rate was right in line with yesterday’s even though the bond market (the thing that normally dictates rates) suggested some movement. Despite the suggestion, it’s not a huge surprise to see another flat day given the early close in financial markets and the full closure tomorrow. Lenders often adopt less nimble pricing strategies on these holiday weeks–only making noticeable moves when the market really forces their hands.
Next week continues to be a different story–at least in terms of what’s possible. In other words, this week was never likely to offer much excitement. Next week has infinitely more potential to do so depending on the outcome of the economic reports–especially Friday’s jobs report.