Mortgage Rates are moving lower, lower, and lower!
If you count the Thanksgiving Holiday mortgage rates have improved “significantly” over the last 8 trading sessions. This is very bullish! Moreover, rates have now reached their lowest levels in 3 months and have put an impressive amount of distance between themselves and the highs seen just over a month ago!
As is always the case, there’s no way to know if the data will be good or bad for rates ahead moving forward. All we do know is that the rate market is incredibly interested in the upcoming economic and Fed data as an indication of whether rates have officially turned a corner for the foreseeable future. Time will tell.
Bottom Line: We have been saying for months when rates get below 7% and into the 6% range (today’s FHA is 6.625%) that buyers will becoming off the sidelines in masses and reentering the market looking to buy. In the last 2 weeks, on my desk we have seen new loan application volume increased 40% + and we opened 4 new purchase and 1 new refinance escrow THIS WEEK! Here we go again…
SOURCE & AUTHOR |
Keith Murphy Branch Manager – Essex Mortgage NMLS #330827