Mortgage Rates Back to 2 Week lows; FHA Memo on Down-Payment Programs; G-Fee Fallout

Mortgage Rates Back to 2 Week lows; FHA Memo on Down-Payment Programs; G-Fee Fallout

Mortgage rates reversed course today, getting back in line with the recent trend of slow, steady improvements. The average lender is now back in line with their best offerings in more than 2 weeks. This puts the most prevalent conventional 30yr fixed quote squarely in a range between 4.0 and 4.125% for top tier scenarios. With the day-to-day movements being as small as they are, the average borrower is more likely to see changes in the form of slightly lower closing costs (or higher lender credit). Naturally, today's modest improvement is in line with our broader strategy shift toward a "wait and see" approach. Until recently, locking early and often was the only way to go. To be clear, that's still a perfectly viable strategy. In many cases, it's the only strategy, regardless of what markets