Mortgage rates for a 30 year fixed conventional home loan are now at the 4.00% mark. Last time we saw this kind of movement at this kind of pace was 1987. 2013 experienced a similar pattern. In 2013 the end result was a higher rate over the following weeks and months. In our current situation, we don't really know what to expect in the coming weeks and months, so there may or may not be a parallel there. Typically speaking, after a large scale run of the markets, there is a cooling off period, where rates will bounce back the opposite direction, even if temporarily, and then follow a consolidation pattern to settle where they will remain (until the next big move). We are all watching and hoping for that relief to come soon. The last 4 business days have increased the average mortgage rate by .75%, which is historical and un-nerving to say the least. If you are thinking about locking, now may be the time. Check back tomorrow for more mortgage news and rate updates.
Bookmark this page for mortgage rates:
• 30 year (FRM) rates at 4.00% (+0.15%).
• 15 year (FRM) rates at 3.24% (+0.11%).
• FHA 30 year Fixed rates at 3.75% (+0.13%).
• Jumbo 30 year Fixed rates at 4.10% (+0.10%).
• 5/1 ARM rates at 2.95% (+0.03%).
Didn't find the answer you wanted? Ask one of your own.