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Mortgage Rates Drift Down to New 6-Month Lows

Posted To: Mortgage Rate Watch

Mortgage rates moved slightly lower again today–extending a steady string of improvements that began after last week’s Fed announcement. The average lender is now able to quote conventional 30yr fixed rates that are at least as low as those seen in the middle of July. In most cases, today’s offerings are slightly better. The details can vary quite a bit depending on the scenario (purchase/refi, credit, downpayment, etc), but best-case scenarios have been back in the “high 2’s” for weeks. In almost all cases, today’s rates are the lowest since the beginning of February. What’s up with the refreshingly strong move back toward all-time lows? At the beginning of the year, if you could only make one bet on rates, “higher” made more sense than “lower.” That would actually still be a good bet as…(read more)

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