Rates End Week Near Long-Term Lows; Refinance Share of Originations Finally Stabilizing

Wednesday was the best day this week for Mortgage rates with the average lender at the lowest levels in more than a month and very close to the lowest levels in more than a year. Things changed on Thursday with rates moving up slightly. That said, Thursday would have been the best day in more than a month had it not been for Wednesday! Friday brought effectively no change to Thursday’s levels, thus keeping the average lender very close to long-term lows . In fact, the average loan quote won’t have changed in terms of the quoted interest rate during the past 3 days–only in terms of the upfront costs. In other words, APR would be slightly higher while the payment rate itself would be unchanged (APR factors certain upfront costs into a total cost of financing). In the bigger picture, rates have

Comments

About Mortgage News Daily

Mortgage News Daily

Check Also

Here’s How Many Loans the GSE Loophole Saved; Here’s How ‘Priced-In’ Rate Cuts Are

Mortgage rates Moved just slightly lower today, despite some push back from underlying bond markets. …