Another small improvement this week for mortgage rates as we have now moved to the lowest levels since September of 2022, now down to 5.5% for our best 30-year fixed conventional scenario.

It was a busy 4 day week with several key economic reports released Friday, but rates have not moved significantly this week. We are off the absolute lows from last Friday, up just a bit to 5.75% for our best 30-year fixed conventional scenario.

A good week for mortgage rates as we finally broke through 5.875% and moved all the way down to 5.625% for our very best 30-year fixed conventional scenario. This week was packed with major economic reports centered around labor markets and inflation. Surprisingly, not all of the data pointed towards lower rates, but investors showed bonds the love this week, pushing us to a new 3-year low for mortgage rates.

Happy Friday from Local Mortgage! Weaker labor market data fueled a decent end of the week rally for mortgage rates as we improved just a bit, still at 5.875% for our best 30-year fixed scenario but now with some decent credit towards closing costs.  We are inching back close to 5.75%, which is our most recent 3-year low. The week started with rates moving up a bit on stronger than expected manufacturing data, with the ISM manufacturing index jumping to 52.6, which is a sign

It felt like a pretty slow week in the mortgage and real estate business this week as Memphis and other cities across the southeast were shut down due to winter weather. Mortgage markets were relatively quiet as well, even with Wednesday’s Fed Meeting. Rates remain virtually unchanged, so we are still at 5.875% for our best 30-year fixed conventional scenario.

Not a lot of movement during the short week, but we will end the week up slightly, back to 5.875% for our best 30-year fixed conventional scenario.