Mortgage Rates Match 7-Week Lows

Last Thursday was the best day for mortgage rates in more than a month, and while they bounced back up on Thursday afternoon, they’ve been falling modestly since then.  Yesterday got us close to last Thursday’s lows.  Today helped us match them.  That means today’s rates are the lowest in exactly 7 weeks.  You’d have to go back to March 2nd or 3rd (depends on the lender) to see anything lower. 
What have the swings been like over this time?  Not insignificant, actually!  The average conventional 30yr fixed rate rose by 0.25% in March and has fallen by as much in April.  Please note, however, that the things can vary quite a bit depending on the specifics of your scenario and the rate itself.  Due to the structure of the bond market that underlies mortgage rates, lender compensation does NOT change in a linear way as rates rise and fall. …(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