Friday, June 2, 2023 | The Latest Buzz for the Appraisal Industry

Mortgage Rates Pull Back From Recent Highs

By Matthew Graham

Posted To: Mortgage Rate Watch

Mortgage rates bounced back moderately today, erasing Wednesday’s losses. Unfortunately, Wednesday’s losses weren’t very big compared to Tuesday’s, which are still very much intact. That leaves the most prevalently-quoted conforming 30yr rates at 3.875% to 4.0%, depending on the lender and their holiday-week pricing strategies. Most lenders rely on financial markets in order to keep loans flowing through their system. Most simply, lenders have to know what a particular loan is worth on the secondary market and how easily or quickly they can sell it in order to efficiently create rate sheets. During the big holiday weeks, financial market participation is a small fraction of it’s normal self. Many lenders will opt to keep rates slightly higher than they otherwise would be because they don’t…(read more)

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