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Mortgage Rates Lowest Since January 2018

Mortgage rates fell again today, just barely inching to the lowest levels since early 2018.  Keep in mind, that factoid is based on an average of multiple lenders.  Some of them aren’t quite back to the low rates seen at the end of March.  Others had crossed that line several days ago.  Either way, the actual NOTE RATE at the top of the average rate quote would be the same then and now.  The EFFECTIVE RATE would be just slightly lower due to a small advantage in upfront lender costs (origination or points, depending on the lender).
Relative to market sentiment at the beginning of May, the last 3 weeks have been unexpected.  In other words, there was no obvious reason to expect or fear the sort of slide in stocks and yields that we’ve seen since then.  But of course, that’s just the sort of thing financial markets like to do!…(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.
Source: mortgagenewsdaily.comNew feed

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