February 28, 2018
After moving back up to the highest levels in more than 4 years yesterday, mortgage rates fell slightly today. Pessimists/realists would rightfully point out that today’s rates are still pretty close to those 4-year highs, and that one measly day isn’t much of a foundation for hope. Optimists could counter that yesterday’s high rates merely MATCHED the recent highs from last week and that the past 2 weeks overall have seen the most sideways stability in 2018.
Long story short, rates are high relative to anything seen since early 2014, but there also continues to be a chance that they’ll try to avoid going much higher in the short term. NOTE: a “chance” means strictly that. We’re not talking about probabilities here.
The average lender continues quoting conventional 30yr fixed rates of 4.5-4.625% for well-qualified borrowers. Todays’ NOTE rate would be the same as yesterdays with the modest improvement coming in the form of slightly lower closing costs.
Today’s Most Prevalent Rates
|30 Yr FRM||4.56%||-0.02|
|15 Yr FRM||3.92%||-0.01|
|FHA 30 Year Fixed||4.37%||-0.01|
|Jumbo 30 Year Fixed||4.58%||-0.02|