Monday, June 5, 2023 | The Latest Buzz for the Appraisal Industry

Mortgage Rates Even Closer to Long-Term Lows

By Matthew Graham

Posted To: Mortgage Rate Watch

Mortgage rates fell modestly again today, bringing them as close to last Tuesday’s 19-month lows as they’ve been, on average. Some lenders are already there, and the other lenders are close enough that the only differences between now and then are in the form of upfront costs as opposed to rate itself. In other words, a scenario that was quoted 3.75% last Tuesday would still likely be quoted 3.75% today, but with slightly higher closing costs (or lower lender credit). As for the most prevalent rate for top tier scenarios, both 3.625% and 3.75% are viable. Today’s improvement tips the scales slightly in favor of 3.625% , but it’s still very close. Today’s drop in rates wasn’t motivated by any single event–as can sometimes be the case. Instead, bond markets benefited from a broad-based move…(read more)

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