Key Points:

  • Mortgage rates and the bond market have remained relatively unchanged since the close of last week.
  • The FED lowered the federal funds rate by 50 basis points on Wednesday.
  • Today’s market opened with minor fluctuations in mortgage-backed securities (MBS).
  • No major economic data is scheduled for release today.
  • The Dow Jones Industrial Average is down 100 points.

Current Mortgage Rates

For a 30-year conventional fixed-rate mortgage:

  • Par rate: 6.000% APR (6.187%)
  • Purchase price: $400,000
  • Down payment: 20%
  • Loan amount: $320,000
  • P&I payment: $1,919

Lowest rate: 4.625% APR (5.299%) with $17,776 in discount points.

P&I payment: $1,645

Despite the FED’s recent rate cut, mortgage rates have remained relatively stable. This is likely due to ongoing uncertainty in the economy and global markets. It’s important to consult with a mortgage professional to get the most accurate and up-to-date information on current rates and to determine the best option for your individual needs.