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.
A really nice week for mortgage rates with a big announcement late Thursday that should move rates down significantly over the coming weeks. We finally broke through and are now at 5.75% for our best 30-year fixed conventional scenario.
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