By Matthew Graham | Mortgage News Daily
Mortgage Rates have moved modestly higher, but remain in an excruciatingly narrow range in the bigger picture. Actually, there’s nothing too excruciating about it, unless you’re trying to find something interesting to say about day-to-day rate movement. Otherwise, it’s actually fairly pleasant that such a boring, persistent range has taken shape fairly close to all-time lows.
In terms of conventional 30yr fixed quotes on top tier scenarios, the best we’ve ever seen was a range from 3.125%-3.25% on a few days in late 2012. We did manage to spend a few days back at 3.25% in early July 2016, but since then, this new range rests between 3.375% and 3.5%. In other words, rates have held for more than a month at levels that are a mere quarter point higher than the all-time lows that only held for a few days. Ergo, unless you happen to be one of the lucky few that could get an application in during those brief opportunities, today’s rates might as well be all-time lows. Congrats!
