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Mortgage Rates Lower Today, But Higher Than Last Week

Mortgage rates improved today, breaking a 3-day streak with effectively no change.  This gets us part of the way back down to the long-term lows achieved at the end of last week.  At that time, the average lender was quoting conventional 30yr fixed rates that were roughly 5/8ths of a percentage point (0.625%) lower than the long-term highs seen at the beginning of November.  Rates then lurched higher by Tuesday of this week, eroding as much as a quarter of a point from some scenarios.  Today's gains restored about half of that weakness for a net improvement of 0.5% from November's highs.

 

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