Lower Rates? Don’t Relax Just Yet

Over the past few days, mortgage rates have remained relatively steady—but don’t let the calm fool you. Here's what happened over the past three business days and why this quiet might not last much longer.

Monday, August 18th
Mortgage rates began the week at some of the highest levels we’ve seen in August, though still well below the peaks of the past 10 months. The difference between recent highs and lows has been very small, meaning rates are holding a tight range near 10-month lows. The start of the week was light on economic data, and market watchers weren’t expecting much movement unless a surprise headline hit. Even the upcoming Fed event in Jackson Hole wasn’t expected to shake things up like a jobs or inflation report might.

Tuesday, August 19th
Average 30-year fixed rates hovered around 6.59% for the average 30-year fixed loan. That’s just slightly higher than where they were last week. Despite some volatility in Treasury yields, mortgage rates barely budged—typical for this time of year. August tends to be a quieter month in the bond market. Without a major catalyst, the market is simply waiting for more impactful data to come later this week.

Wednesday, August 20th
Rates inched a bit higher again today, now averaging around 6.61%. Most of this increase happened gradually over the past several days. For context, that’s about $400 more in points per $100,000 borrowed than you would’ve paid last week. The Federal Reserve minutes were released this afternoon, but they didn’t contain any major surprises. The Fed is still more focused on inflation than jobs, and it’s clear that unless job market data weakens significantly, rate relief could take longer than buyers might hope.

Bottom Line:
Mortgage rates are holding steady near 10-month lows, but they’re creeping slightly higher as the market waits for new data. If you’re considering buying or refinancing, now is a good time to review your options while rates remain relatively favorable.

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Source: Mortgage News Daily