Mortgage Rates Now Well Into 7% Range

Mortgage Rates Now Well Into 7% Range

While the mainstream mortgage rate indices continue operating in the mid-to-upper 6% range, actual rates are moving higher into the 7% range by the time we account for the additional costs required to get the average lender into the high 6's.  In other words, a 30yr fixed rate in the 6's is most often seen with the addition of upfront costs to buy down the rate these days.  Because those upfront costs can vary from scenario to scenario, our index accounts for them in the rate itself, thus allowing us to track just one number that is always able to be compared to other points in the past. At the moment, there are only a few days in the recent past (May 25th and 26th) that have seen rates any higher than todays.  Before that, you'd have to go back at least another 2 months.  Even then, y