Mortgage Rates Quickly Approaching Long-Term Lows

Despite a stark absence of any truly inspiring events, interest rates have managed to put in two fairly serious days of movement. In today's case specifically, there was an obvious intraday surge in the underlying bond market. While that surge wasn't readily attributable to any data or news headline, it prompted many mortgage lenders to reissue lower rates in the afternoon. As conventional 30yr fixed rates move down from the 6.3's toward the 6.1's, this is a zone that can see larger than normal movement for reasons laid out back in early September (A Quick Note on Why Rates Seem to Drop More Quickly as They Approach Certain Thresholds). We're beginning to see some of that slippery slope behavior in our rate index over the past few days as 6.125% comes closer to be being a more widespread top-tier rate quote. As ever, the real question is whether we continue heading in that direction or if we're due a bounce. As ever, there's no way to know ahead of time.  The level of improvement seen over the past week is already arguably surprising.