by Risk calculated on 23/05/2023 17:18:00
From Matthew Graham at MortgageNewsDaily: Mortgage rates are back above 7%
Today’s headline is the most dramatic part of today’s mortgage rate story. The upper tier average 30-year fixed rate has been operating mostly in the 6-7% range since September 2022. There have been several weeks in the low to mid 7s in October/November and a few days in early March.
Rates were already quite close to 7% yesterday and today provided only a slight boost. Interestingly, the underlying bond market is currently suggesting that lenders could drop back below 7% tomorrow, but only if current trading levels hold until then (they almost never do).
Click on the graphic to enlarge the image.
It’s a graphic from Mortgage News Daily (MND) showing 30-year fixed rates from three sources (MND, MBA, Freddie Mac) over the past 5 years.
The 30-year fixed rate for the upper-level scenarios was 7.01% today, up from the recent low of 6.18% on April 6.
The cycle high was 7.37% for this series in October 2022.
Go to MND and you can adjust the chart for different time periods.