Given that we have the somewhat unpopular job of reporting that today’s typical top-tier 30yr fixed mortgage rate is 6.00 again, instead of the 5.99 seen earlier today, we can at least discover one glowingly positive development as a silver lining.
In reality, the silver lining is more than a consolation prize. It’s in fact much better news than another day at 5.99% would have been. First of all, there’s no practical distinction between 6.00 and 5.99 when it concerns our day-to-day rate index. A huge majority (95%+) of customers would see the specific same rate quotes on either day.
As such, it’s far much better news that the daily average has been 5.995 over the previous 4 days (2 days at 6.00 and 2 at 5.99). That’s quickly the lowest weekly average in more than 3 years, and the stability indicates that more debtors have the ability to hear that news and act accordingly.
KEEP IN MIND: if you take place to see separate news today regarding rates hitting 5.98%, that would be protection of Freddie Mac’s weekly survey. You can utilize the chart listed below to explore long-term comparisons between our daily average, Freddie Mac, and MBA.