September 2018

Mortgage Rates at 2-Week Lows

September 28, 2018

Mortgage rates were slightly lower again today, but there are some caveats.  First of all, the average lender wasn’t in substantially better shape compared to yesterday afternoon.  On top of that, bond markets (the underpinnings of mortgage rates) weakened throughout the day.  If lenders were beginning their day looking at current bond market pricing, we’d likely have seen rates edge slightly HIGHER.  As such, unless bonds manage to receive solid support from Asia and Europe on Monday morning, US lenders will likely be forced to bring rates a bit higher.

Despite those gray clouds on the horizon, the average lender was indeed able to offer their lowest rates in 2 weeks for the entirety of the day, providing a much-needed respite from the recent spike toward long-term highs.

Best Execution
Rate Change
30 Yr FRM 4.78% -0.02
15 Yr FRM 4.26% -0.02
FHA 30 Year Fixed 4.37% -0.03
Jumbo 30 Year Fixed 4.32% -0.03