Weekly Mortgage Rates Rebound, But Larger Trend Could Shift Market
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It can be extremely frustrating to track mortgage interest rates closely. Daily and even weekly, you'll see dramatic dips and jumps. But zoom out and that instability disappears into the larger overall trend.
That's very evident this week, as the 30-year fixed-rate mortgage rate jumped 27 basis points, averaging 6.16%. A basis point is one one-hundredth of a percentage point.
Mortgage rates bounced upward following the Federal Reserve's announcement of a 50-basis-point cut to short-term rates. Overall, mortgage interest rates have been on a downward trajectory since May, but rates rebounded a bit as other parts of the market worked through the news. Whether mortgage rates stabilize or continue edging downward remains to be seen.
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