Posted To: Mortgage Rate Watch

Mortgage rates have fallen almost every single day in April. By the end of last week, that meant the average lender was offering the lowest conventional 30yr fixed rates in more than a month. The first two days of the current week have taken rates in the other direction , albeit at a very modest pace. To get a sense of the size of recent swings, in mid-February, lenders were almost universally able to quote rates under 3%. By mid March, rates were nearly a half point higher. They kicked around a volatile sideways range for a few weeks after that before beginning a steady descent in April–a descent that ultimately brought rates within striking distance of 3%. To be fair, sub-3% rates are currently available–especially for purchases–but they’re the exception . The average lender is closer…(read more)

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By Matthew Graham , dated 2021-04-27 16:25:00

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Courtesy of Mortgage News Daily

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