Wondering what's going on with mortgage rates today?
Mortgage rates record their biggest week-over-week jump in almost a year. The rate for a 30-year fixed mortgage is now 3.23% - an upswing from 3.08% last week. After a steady decline in the second half of 2020, mortgage rates have seen a continuous increase over the last few weeks, and have hovered close to the 3% mark for most of February. Mortgage applications have also recovered from last week by 0.5% in spite of the increase in the 30-year fixed rate.
After 3 weeks of no change, mortgage rates jumped 8 basis points this week, reaching 2.81%. This is the highest rate since the fall in rates in mid-November. However, even with no change in rates over the last 3 weeks, mortgage applications started to see a fall. Coming off historic low mortgage rates, to a shortage in home supply, and high prices, mortgage applications continue to record a dip.
Almost six months in, mortgage rates continue to hover below the 3% mark. After a jump in the second week of January, the rates have continued to slide down for the second consecutive week. The 30-year mortgage rates fell 4 basis points to 2.73% while the 15-year rates fell to 2.2%. At the same time, lack of inventory and low mortgage rates have fueled home prices across the country.
As the year comes to a close, mortgage rates continue to fall breaking one record after the other. Last week, the 30-year fixed mortgage rate fell one basis point to 2.66%, completing 20 consecutive weeks of mortgage rates below 3%. This is also the 16th time this year that rates have broken their record, reaching new lows. The average 15-year mortgage rate also fell to 2.19% from 2.21%.
The 30-year fixed mortgage rate fell to a record low, again. Last week, the rate fell four basis points to 2.67% - the lowest ever in PMMS’ (Primary Mortgage Market Survey) 50-year history. The previous record was broken on December 3, when mortgage rates fell to 2.71%.
Mortgage refinancing is at a high point, thanks to mortgage rates dropping to their lowest ever in MBA's (Mortgage Bankers Association) survey history. According to the latest MBA weekly survey, here are some important changes in mortgage applications.
For the 14th time this year, U.S long-term mortgage rates have registered record lows as the 30-year fixed rate fell to 2.71%. Last year, the benchmark rate was 3.68%. This fall in mortgage rates over the last few months has fueled the demand for new homes. However, with the limited supply of homes, home sales have stalled and prices have risen significantly.
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