It has been a brutal few months.
Since seeing a low of 4.23% in October’s Freddie Mac report, we’d reached as high as 5.05% in the February 10th survey.
Yesterday’s results posted a rate of 4.88%, a modest .17% recovery in the past month.
What’s NOT in the survey may be more important. Current mortgage rates seldom wait for Freddie Mac to compile their outdated survey which uses an average of rates from Monday-Wednesday.
Most respondents did not include the 100 basis point / 1 point rally in the market that occurred Wednesday and Thursday. That pushes the actual current mortgage rates down by one of two numbers.
If you were quoted a rate of x% paying one point, you should be able to see that rate without the point today.
If you were quoted a rate of x% paying no points, you’d probably have dropped by about .25% at the start of today’s trading.
Just in time for the spring market, mortgage rates are rallying and further enhancing our already strong levels of home affordability.