As of last Thursday, the average top tier 30yr fixed mortgage rate was a few days away from being able to claim an official “7 month low,” and that’s REALLY splitting hairs.  Today’s rates are only microscopically higher.  In fact, it would be more accurate to think of Friday and today as being a sideways extension of the long-term lows achieved last Thursday. For the average lender, that results in a 30yr fixed rate just under 6.7%.  With the exception of the past 2 days, that would officially be a 7 month low. [thirtyyearmortgagerates] Little–if anything–happened to create any meaningful movement in the underlying bond market.  Treasury yields have also flat-lined since last Thursday afternoon.  Financial markets will now be waiting until the first week of January for the next piece of economic data that could truly be considered “top tier” (a description that arguably only applies to the jobs report and the Consumer Price Index these days).   This isn’t to say that rates can’t experience volatility between now and then, but surprises in the data would likely be required in order for rates to move more than .15-.20% over the next 2 weeks.

Published On: December 18, 2023 / Categories: Mortgage News /