Today’s mortgage rates for the best customers at about 4.625%, but range up to above 5%, based on lender, credit score, program, down payment, etc.. Our quoted rates today are 1/2% higher than just last Monday. Volatility is the name of the game, as we have seen rates jump by as much as .25% in interest rate in a single day. What we quote in the morning may be long gone by the afternoon.
With the drastic and dramatic jump we’ve seen since May 3rd, consumers may have thrown the brakes on for looking at houses, or refinancing – waiting for rates to come back down. It is important that you a work closely with your favorite Mortgage Loan Officer to understand rates, what they are, why they move, and if you should lock in a rate.
While I don’t know for sure, I believe the 4.50% – 4.75% range is our new floor of support for a little while. We may see a slight uptick, and we may also see a minor drop as the market players settle into the new reality, but the 30-year fixed rate loan in the 3’s is now just a memory.