Mortgage And Refinance Rates, June 23 | Rates falling today
Abstract
Finally, some good news! And, in a single leap, the average rate for conventional, 30-year, fixed-rate mortgages is back below 6%. There may be more good news. Caveats about markets and rates Before the pandemic and the Federal Reserve's interventions in the mortgage market, you could look at the above figures and make a pretty good guess about what would happen to mortgage rates that day. While it's possible that the fall in mortgage rates that day was the start of a new, sustained downward trend, I very much doubt it was. Recent trends - updated today Over much of 2020, the overall trend for mortgage rates was clearly downward. Freddie's June 23 report puts that same weekly average for 30-year, fixed-rate mortgages at 5.81%, up from the previous week's 5.78%. Note that Freddie expects you to buy discount points on closing that earn you a lower rate. Expert mortgage rate forecasts Looking further ahead, Fannie Mae, Freddie Mac and the Mortgage Bankers Association each has a team of economists dedicated to monitoring and forecasting what will happen to the economy, the housing sector and mortgage rates. As federal regulator the Consumer Financial Protection Bureau says: "Shopping around for your mortgage has the potential to lead to real savings. It may not sound like much, but saving even a quarter of a point in interest on your mortgage saves you thousands of dollars over the life of your loan." Mortgage rate methodology The Mortgage Reports receives rates based on selected criteria from multiple lending partners each day.
