Mortgage Rates Quickly Approaching Long-Term Lows
Despite a lack of inspiring events, interest rates have shown significant movement over the past two days. Today, the underlying bond market experienced an intraday surge, prompting many mortgage lenders to reissue lower rates in the afternoon.
Conventional 30yr fixed rates are moving down from the 6.3's toward the 6.1's, a zone that can see larger than normal movement. As
6.125% comes closer to being a more widespread top-tier rate quote, we're beginning to see some slippery slope behavior in our rate index over the past few days.
The question remains whether we will continue heading in this direction or if we're due for a bounce. As always,
there's no way to know ahead of time.
Author's summary: Mortgage rates are approaching long-term lows.
- Conventional 30yr fixed rates are decreasing.
- The bond market experienced an intraday surge.
- Mortgage lenders reissued lower rates in the afternoon.