Mortgage rates dropped a bit today, but they’re still higher compared to earlier this week.
This happens because the bond market closed 3 hours early for a holiday weekend, giving less time for rates to move during the day.
Usually, mortgage rates change overnight as lenders respond to what’s happening in the market.
Today’s news was good enough to lower rates slightly, but not enough to bring the average 30-year fixed rate back below 7%.
Hitting 7% isn’t new — rates have bounced around this level for years.
For example, in October 2023, rates hit a high of 8.03%, and about a year later, they dropped to near 6%.
So 7% is pretty much the “middle ground” for mortgage rates right now.
What do you think?
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