Today, mortgage rates have taken a downward slope which can be traced back to the Fed announcement from the previous week. The current rate allows lenders to get prices that are similar to July rates. Honestly, today’s rate might even be much better.
Since it’s about mortgages, many other factors can influence the difference. These include credit, down payment, purchase, and more. Nonetheless, today’s rate might be the lowest so far since the February figure regardless of rates stabilizing around the “high 2’s” for a while now. Although most people would have assumed that the current mortgage rate would be better than those we saw in January, the reverse is the case here.
Due to the COVID pandemic and spike in market prices, many sectors still have economic uncertainties. Although 2021 has seen many improvements from the damage the pandemic caused, there’s still more potential in the market.
A fair argument can be a market prediction that expected much higher rates but was melted with COVID reports. Also, economic data can influence the Fed on the next policy worth chasing; this has an impact on mortgage rates. This week comes with various reports which can create opportunities or even pose risks to people. These big reports on ADP employment, ISM Non- manufacturing, and the official government jobs report can tilt the mortgage market waves.