Mortgage rates were at 3 month lows yesterday and today have moved in line with 8-month lows. For most lenders, there was a day or 2 in October that was just slightly better than today, but the differences are negligible. Before that, you’d have to go back to April to find anything remotely as good. At these levels, some of the most aggressive lenders are quoting 3.625% conventional 30yr fixed rates on top tier scenarios. Most remain at 3.75% with a few stragglers at 3.875%.
Yesterday, I mentioned the risks associated with the sort of sideways movement we’d seen in financial markets in recent weeks. Today does NOT qualify as the first step in breaking out of that pattern–not by itself anyway. The last day of the month can often have a life of its own in terms of momentum. We’d need to make sure next week’s momentum matches before getting too excited about it. Besides, 8-month lows are pretty exciting in and of themselves.