Mortgage Rates Officially Hit 3-Year Lows; Aversion to Loan Servicing Impacting Consumers

Mortgage Rates Officially Hit 3-Year Lows; Aversion to Loan Servicing Impacting Consumers

Mortgage rates crept just barely lower today, but it was enough to leave the average lender's rate sheet in its best shape since May of 2013. (At the risk of splitting hairs, a few lenders were offering better rates for part of the day on February 11th, 2016.) The point is that rates are really low. Unlike the early February time frame, this time around, rates have moved lower in a steadier way. While that doesn't mean they can't bounce higher, it does mean there's less risk of a major bounce higher without a major calendar event causing it. Back in February, rates bounced higher at the fastest pace of the year simply because they moved so much lower so quickly. In simpler terms: we prefer the tortoise to the hare when it comes to rate rallies. But what about those "major calendar events?"