Mortgage rates have seen a significant pull back this week. As of today, 5/7/24, rates nationwide are averaging 7.19% as reported by Mortgage News Daily. We have seen in our own market, in Southern Arizona, that rates can be found in the low to mid 6% range and some builders in our area are advertising rates within the 5% range.
While sellers still struggle to let go of those 2.5%-3% rates they got during the pandemic there are sellers who need to move and they are ready for serious buyers looking for great homes.
The Lewis Team is a full service real estate team of professional, full-time Realtors who have the experience, knowledge and passion to help you with every aspect of your real estate journey. Reach out and let's chat about the options available to you whether you looking to buy your new home or sell your current one.
Rodney Lewis (520)401-3812
Cindy Lewis (520)401-3809
Helen Hill (445)-0967
Mortgage News Daily
By: Matthew Graham
There have been 3 winning streaks for mortgage rates in 2024 where the average rate has moved lower for at least 5 days and where the conventional 30yr fixed rate has fallen by more than 0.25%. Before today, there were only two.
The present example didn't receive a notable boost from its 5th consecutive day of improvement, and that improvement wasn't readily linked to any obvious root cause in terms of data, news, or events. In some ways, the bond market's friendly momentum from last week was simply still running its course due to overseas holiday calendars.
Specifically, European markets were closed yesterday. That means they had yet to trade their reaction to Friday's jobs report in the US. Naturally, Europe is a different continent, and US rates care more about US markets. But there is always some correlation and spillover between the world's major bond markets with gains in Europe often coinciding with gains in the US.
In terms of MND's daily index, conventional 30yr fixed rates are back under 7.25% for top tier scenarios after being just over 7.5% last week.