Mortgage rates moved slightly higher today, leaving them roughly in the middle of November's narrow range.  Although banks and many mortgage lenders will be open on Friday, lenders won't be as eager to respond to improvements in the bond market as usual.  In fact, more than a few lenders don't make any changes to rates on the day after Thanksgiving regardless of market movement.  The bottom line is that we're on hold until at least the first week of December when it comes to the risk of any major departure from this range.

Loan Originator Perspective

I favor locking today.   Bonds have touched on a floor of 1.74 and appear to not want to break through.   With many trade war headlines hitting, I think locking in today with the improved pricing is the way to go.  Have a happy Thanksgiving! -Victor Burek, Churchill Mortgage

Bond markets posted small AM gains before settling near unchanged by mid-day Tuesday.  My pricing improved incrementally over Monday's.  I'm still locking most December closings, with rates near their best levels in a month.  -Ted Rood, Senior Originator

Today's Most Prevalent Rates For Top Tier Scenarios 

  • 30YR FIXED -3.75%
  • FHA/VA - 3.375%
  • 15 YEAR FIXED - 3.375% 
  • 5 YEAR ARMS -  3.25-3.75% depending on the lender

Ongoing Lock/Float Considerations 

  • 2019 has been the best year for mortgage rates since 2011.  Big, long-lasting improvements such as this one are increasingly susceptible to bounces/corrections 

  • Fed policy and the US/China trade war have been key players.  Major updates on either front could cause a volatile reaction in rates

  • The Fed and the bond market (which dictates rates) will be watching economic data closely, both at home and abroad, as well as trade war updates. The stronger the data and trade relations, the more rates could rise, while weaker data and trade wars will lead to new long-term lows.  
  • Rates discussed refer to the most frequently-quoted, conforming, conventional 30yr fixed rate for top tier borrowers among average to well-priced lenders.  The rates generally assume little-to-no origination or discount except as noted when applicable.  Rates appearing on this page are "effective rates" that take day-to-day changes in upfront costs into consideration.