Residential Mortgage rates moved only a tiny bit lower today, which is the second time this month. The change, however, did very little to offset the recent increases and rates are still near all-time highs this year. The most lenders nationally are reporting the 30yr fixed rate of 3.75% – 3.875% in the top level pricing tier.
One may presume that rates may continue lower after so many days of increases, however, it’s still too early to see any kind of trend, especially with the big Fed Announcement coming up on Wednesday to discuss raising the Federal Funds rate. Analyst speculations do not expect the feds to raise the Federal Funds rate, but no matter what they decide to do, there is not always an immediate correlation to the Residential Mortgage rates and reaction historically has been inconsistent.
The views expressed are my own and do not necessarily reflect the views of my employer.
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