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Mortgage Rates Lowest in More Than a Year

Mortgage rates held steady today, despite moderate weakness in underlying bond markets.  This occurred for two reasons.  First, yesterday saw bond markets improve, but not by enough for lenders to adjust rates lower in the middle of the day.  Second, today's bond market weakness happened gradually throughout the day and was thus not big enough to prompt a mid-day rate change from lenders.  The implication is that rates would likely be very slightly higher tomorrow if bond markets were to hold steady overnight.

By remaining in current territory, rates are also remaining at the lowest levels since January 2018.  The average lender can now offer conventional 30ry fixed rates of 4.375% on top tier scenarios.  FHA rates are a quarter point lower (or more, depending on the lender), but they carry mandatory mortgage insurance (so the payment could be higher for the same loan amount).

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