“3.625% is widely available, and that was already getting to be the case last Friday,” said Matthew Graham, chief operating officer at Mortgage News Daily. “Today brings 3.5% into the mix for more than just a few of the most aggressive lenders.”
That is the best rate since early September, and Graham said he believes the market is “only one to two solid days away from 3.375%.”
The average rate on the 30-year fixed is now 20 basis points higher than it was on Monday and 36 basis points higher than its last low on Sept. 4, according to Mortgage News Daily. That is the biggest short-term jump since the week following the election of President Donald Trump.
When rates dipped to their recent low, the number of borrowers with good credit scores and at least 20% equity in their homes who could save on a refinance surged to the largest on record, 11.7 million, according to Black Knight. That has now dropped by about 2 million.
“The big risk here is that the overall rate rally — the one that began in November 2018 -- has run its course,” said Matthew Graham, chief operating officer at Mortgage News Daily.
Young people in the U.K. are four times more likely to downsize their homes this year than those aged over 55, a new study found.
The research, published Saturday by investment manager Hargreaves Lansdown, also showed that Brits aged between 18 and 34 were more likely to downsize than move up the property ladder in 2019. It examined the plans of both renters and homeowners.
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