Mortgage Rates Avoid Setting Another High

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

Best Execution
Rate Change
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