Rates get knocked back into 5s territory

The 30-year fixed rate mortgage moved back 12 basis points to 5.95% while the 15-year mortgage moved back 14 basis points to 5.30%.

current outlook:

Rates drifted lower at the tail end of last week before rising again this week. As a result of this volatility, lenders are all over the map, even more so than usual. To combat this variability and secure a competitive offer, borrowers should make a point to shop around and get quotes from multiple lenders. On the real estate side, listing prices have shown a gradual deceleration. According to Redfin, 22.4% of active listings during the four-week period that ended June 12 had a price drop. However, this does not take into account how “optimistic” some sellers were in setting their original prices or what the final sales price ended up being. All we can say with any certainty is that a shift has taken place in the housing market. What the new market will look like only time will tell.

Rates get knocked back into 5s territory

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