Mortgage Rates Fall Farther Into The 6's

Farther vs further...  One is for distance and the other means "additional/additionally."  The dictionary may disagree, but only because too many of you misused "further" over the years.  Let us speak of it no further...

How about those mortgage rates?  What a difference 4 days make!  Last Friday, the average lender was just about as close to the "mid 7'ss" as they were at the 2022 peak.  Now today, mid-to-upper 6's are back in fashion when it comes to top tier conventional 30yr fixed scenarios. 

Incidentally, Freddie Mac's widely cited weekly rate survey is also in the high 6's as of today's release, but it suggests a massive week-over-week increase whereas the opposite is true in reality.  Freddie averages 5 days of rates leading up to Thursday whereas our index is updated every day for the current day's rates.

In other words, Freddie is still getting caught up with last week's spike while we're here to tell you it's already been erased.  Whether or not rates fall farther will depend on whether there's further evidence of lower inflation pressures, as seen in this week's economic data.