Mortgage Rates Flat to Start The Week
Mortgage rates were fairly flat to start the new week. This leaves the average lender in the high 2% range for top tier conventional 30yr fixed scenarios (i.e. 20%+ equity, 740+ FICO, owner-occupied, single-family, detached homes). This is just a bit higher than the all-time lows seen at the beginning of the year when rates were in the mid-2% range.
There’s disagreement about where we go from here. The easy answer–and probably the more common one–is that rates will gradually move higher as we continue to distance ourselves from the worst days of the pandemic. But that answer actually implies its own counterpoint: a lot depends on covid! Specifically, if the delta-driven case count spike doesn’t quietly subside, and more importantly, if cases accelerate into the fall months, rates could remain in this all-time low territory. Moreover, if covid ends up translating to new, measurable economic damage, rates could even re-challenge previous lows.
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