Price Increases Slowing; Affordability Stabilizing; Mortgage Rates Drift Modestly Lower
Mortgage rates were slightly lower for the 3rd straight business day, but not for any particular reason. Because of the relatively narrow range, rates are now technically as low as they've been since July 25th for the average lender. There are major caveats though. Almost any scenario at almost any lender will not have changed enough during this time for the actual interest rate (the "note rate") to have changed. Rather, the upfront costs associated with any given rate have simply gotten modestly lower. For example, if you were being quoted 4.75% two weeks ago, you'd still be quoted 4.75% today, but you might have a lender credit (or lower lender costs) amounting to a couple hundred dollars, depending on the size of the loan. There were no significant economic events on today's calendar and
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