Mortgage rates have dropped back down, to a new 2 week low. This happened in response to the huge losses in the stock market this week. Most times there is not a connection between the stock market and mortgage rates; however, bonds do have a correlation to mortgage rates. The socks fell so rapidly investors were looking for safer investments, i.e., the bond market. As bond demand increases, rates decrease.
Bookmark this page for mortgage rates:
• 30-year (FRM) rates at 4.94% (-0.05%)
• 15-year (FRM) rates at 4.43% (-0.05%)
• FHA 30-year Fixed rates at 4.42% (-0.08%)
• Jumbo 30-year Fixed rates at 4.38% (-0.04%)
• 5/1 ARM rates at 4.45% (-0.02%)
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RBS Citizens
Clifton Park, NY