“Mortgage Rates Move Back Above 7%”
by Calculated Risk on 5/23/2023 05:18:00 PM
From Matthew Graham at MortgageNewsDaily: Mortgage Rates Move Back Above 7%
Today’s headline is the most dramatic part of today’s story on mortgage rates. The average top tier 30yr fixed rate has been mostly operating in a 6-7% range since September 2022. There were several weeks in the low to mid 7s in Oct/Nov and a few days in early March.
Rates were already quite close to 7% yesterday and today merely provided a gentle nudge. Interestingly enough, the underlying bond market currently suggests lenders would be able to drop back below 7% tomorrow, but only if current trading levels hold until then (they almost never do).
Click on graph for larger image.
This is a graph from Mortgage News Daily (MND) showing 30-year fixed rates from three sources (MND, MBA, Freddie Mac) over the last 5 years.
The 30-year fixed rate for top tier scenarios was 7.01% today, up from the recent low of 6.18% on April 6th.
The cycle high was 7.37% for this series in October 2022.
Go to MND and you can adjust the graph for different time periods.