Mortgage rates have been seesawing this week in a tight range between 3.750-3.875% on 30 year fixed loans with zero points (417K or less). The stock market has been in a four week winning streak and this has been putting some pressure on mortgage bonds. A Fed rate hike is off the table right now but there are some rumblings that they may consider one in December; I don’t think they will however. Overall, mortgage rates have dipped into the high 3’s over the last several weeks. I think we may stay in this range in the short run but there is continued pressure for rates to bump back up into the low 4’s. We are basically just one positive surprise event from rates bumping back up in to the low 4’s. Today rates are in the 3.875% range on 30 year fixed, 3.125% on 15 year fixed, and 4.250% range on 30 yr jumbo loans.
Have a great weekend and try to stay dry if your headed to the game or F1.