Mortgage rates fall below 5%
If you're in the market for a house — maybe hurry to get your loan.
Driving the news: Mortgage rates are still high, but the rate on the 30-year just saw its steepest weekly drop since March 2020, and is now below 5%.
- It was as high as 5.81% on June 23.
What's up: Markets got a little cocky — believing the Federal Reserve's steep rate hike days were waning, as Axios' Neil Irwin wrote.
- That sent Treasuries lower — and mortgages followed.
But, but, but: The respite may not last.
- Mortgage rates will keep bouncing around for a while, said Mike Fratantoni, chief economist at the Mortgage Bankers Association. "I think we're going to continue to be in this unsettled condition until we get a clear move downward on inflation."