Mortgage And Refinance Rates, June 6 | Rates rising today
Mortgage And Refinance Rates, June 6 | Rates rising today
Abstract
What nobody can predict is how mortgage rates will move over periods of days. Caveats about markets and rates Before the pandemic and the Federal Reserve's interventions in the mortgage market, you could look at the above figures and make a pretty good guess about what would happen to mortgage rates that day. Nobody can claim to know with certainty what will happen to mortgage rates in the coming hours, days, weeks or months. Recent trends Over much of 2020, the overall trend for mortgage rates was clearly downward. Freddie's June 2 report puts that same weekly average for 30-year, fixed-rate mortgages at 5.09%, very slightly down from the previous week's 5.1%. Note that Freddie expects you to buy discount points on closing that earn you a lower rate. Expert mortgage rate forecasts Looking further ahead, Fannie Mae, Freddie Mac and the Mortgage Bankers Association each has a team of economists dedicated to monitoring and forecasting what will happen to the economy, the housing sector and mortgage rates. As federal regulator the Consumer Financial Protection Bureau says: "Shopping around for your mortgage has the potential to lead to real savings. It may not sound like much, but saving even a quarter of a point in interest on your mortgage saves you thousands of dollars over the life of your loan." Mortgage rate methodology The Mortgage Reports receives rates based on selected criteria from multiple lending partners each day.
