Mortgage News

Mortgage News

  • Charles King Group
  • 08/12/22
Volatile Swings in Mortgage Rates Continue

Mortgage rates jumped back above 5%, after briefly and barely falling below that level last week. The rate on the 30-year fixed mortgage increased to 5.22% from 4.99% the week prior, according to Freddie Mac. While the rate remains lower than the 5.81% registered in June, it's still two percentage points higher than at the start of the year. The average lender is still in the low 5% range for an ideal 30yr fixed scenario. Rate quotes range from the mid 4's to the mid 5's, depending on several variables. This is a much wider spread than usual, but not as wide as it seems by the time you account for different quoting strategies (with upfront "points" being the biggest distinguishing factor).
 

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