Mortgage rates finish out the second quarter strong, dipping lower into 3 year lows. Federal spokesperson Yellen made a comment a couple of weeks ago that rates could be seeing a "new normal" in terms of lows. This new norm is being shaped by the Brexit decision, as well as the general malaise in economic growth and low inflation levels. Top tier mortgage scenarios are widely being quoted at 3.375%, although some lenders remain at 3.5%. In terms of locking in at a low rate, it would be advisable at this time, since rates can and often do go through a period of correction following a massive slide. Check back here tomorrow for more mortgage news, and up to date rates.
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• 30 year (FRM) rates at 3.42% (-0.01%).
• 15 year (FRM) rates at 2.75% (-0.01%).
• FHA 30 year Fixed rates at 3.25% (+0.00%).
• Jumbo 30 year Fixed rates at 3.49% (-0.02%).
• 5/1 ARM rates at 2.83% (-0.02%).
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