Mortgage Rates Quickly Approaching Long-Term Lows
Despite a lack of inspiring events, interest rates have seen significant movement over the past two days. Today, the underlying bond market experienced a notable intraday surge, prompting many mortgage lenders to reissue lower rates in the afternoon.
As conventional 30-year fixed rates move from the 6.3's to the 6.1's, this zone may see larger-than-normal movement. This is due to factors outlined in early September, which discussed why rates seem to drop more quickly as they approach certain thresholds.
The rate index has shown "slippery slope" behavior over the past few days, with 6.125% becoming a more widespread top-tier rate quote. The question remains whether this trend will continue or if a bounce is due.
the real question is whether we continue heading in that direction or if we're due a bounce
Author's summary: Mortgage rates approach long-term lows.
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