Mortgage Rates Drop Sharply, Hitting Lowest Levels Since Mid-September

Mortgage Rates Drop Sharply, Hitting Lowest Levels Since Mid-September

Mortgage rates had been in a holding pattern for nearly 3 weeks following the November 10th CPI inflation data.  On that single day, the average 30yr fixed rate fell by a record amount (as far as day-over-day record keeping is concerned, and we don't have daily records prior to 2009).  That took rates from the low 7s to the mid 6's in a matter of hours and there they've stayed until this morning. The timing of today's improvement depends on the lender in question to some extent.  Several lenders offered fairly aggressive improvements yesterday.  This was in response to a well-received speech from Fed Chair Powell and stronger than expected bond buying as a part of the month-end trading process (bond buying is good for rates, all other things being equal).  Those friendly events happe