Mortgage Rates Rocket to Lowest in a Year

Julie C. Nichols General

Reblogged from Mortgage News Daily – Matthew Graham

Mortgage rates dropped significantly today, officially hitting the lowest levels in almost exactly 1 year. For most lenders, that means a conventional 30yr fixed rate quote of 3.625% for top tier borrowers, though there are still quite a few lenders at 3.75%. That’s an important point to keep in mind today as several lenders are still much closer to Friday’s rates. Even then, a "significant drop" will mean different things depending on your point of view.

For instance, if you follow each day’s market movement, today is indeed a bigger drop in rates than average. In fact, there are usually less than 20 days in any given year that move this much. From another perspective, it leaves plenty to be desired. Case in point: lots of lenders are still quoting the same rates as Friday, but with slightly lower closing costs. Lenders who are quoting lower rates won’t have moved any more than 1/8th of 1 percent (0.125%).

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