Following a 6% decrease yesterday, mortgage rates have rebounded into the fives.
According to Zillow, the average interest rate on a 30-year fixed-rate mortgage is now at 5.91% APR. This is 14 basis points lower than yesterday and two basis points lower than a week ago. (Refer to the chart below for more details.) A basis point equals one one-hundredth of a percentage point.
Freddie Mac suggests that borrowers who compare rates from two to four different lenders can potentially save hundreds or even thousands of dollars annually. Especially during periods of rate volatility, comparing lender quotes is crucial to finding the best combination of low rates and fees.
Average mortgage rates, last 30 days
馃搲 When will mortgage rates drop?
This week has been eventful in terms of employment data, culminating in the release of February’s jobs report tomorrow. If the labor market shows signs of weakness, mortgage rates could decline as markets begin to anticipate rate cuts from the Federal Reserve at the upcoming meeting on March 17-18.
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