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Lower Mortgage Rates This Week

Updated: Mar 21


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In the grand scheme of things, while it seems mortgage rates have been on a slight upward trend, today marks a noteworthy shift for the better. Mortgage lenders have adjusted their rates from near three-month highs to the most favorable figures we've seen this week. It's important to note, however, that this improvement is more reflective of the tight range rates have been moving in recently rather than a significant drop.


It's possible you might come across headlines that paint a different picture, possibly due to the latest Freddie Mac survey which indicates a peak in rates not seen in over two months. Yet, this survey, capturing an average of rates over the past five days, may not fully represent the current situation due to its methodology, including the omission of certain factors like points.



Currently, the standard 30-year fixed mortgage rate hovers in the lower 7% range for those with excellent credit profiles, though with the right conditions, such as discount points, rates in the high 6% area are achievable, albeit less common.


The positive shift in rates today can largely be attributed to the market's response to the latest inflation data, among other economic indicators. The anticipated PCE inflation figures came in as expected, aiding in the rate's recovery, alongside other encouraging economic reports.


As we look ahead, the focus shifts to upcoming significant economic releases, particularly next week's employment report and the Consumer Price Index the following week. These will heavily influence market trends and the Federal Reserve's subsequent decisions. If you're considering navigating the mortgage landscape, whether for purchasing a new home or refinancing your current loan, we invite you to reach out to us. Our team is here to help you explore your options and find the best solution for your needs. Don't hesitate to give us a call or fill out our Contact Us form to start a conversation about your mortgage possibilities.

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