Mortgage rates continued modestly lower for the 5th straight day, further extending Friday's push to the lowest levels of July. Even so, most borrowers will see the same rates on lenders quotes, with the improvements in the form of lower closing costs compared to Friday. The most prevalently quoted conventional 30yr fixed rates remain in a range between 4.0 and 4.125% for top tier scenarios. Recent gains help more and more lenders move to the lower end of that range, while a very small minority are at 3.875%.
Last week's caution still applies: any time we see this many positive days in a row, rates are increasingly likely to pull back. This will only become more true if rates continue to improve, but there is no implicit commentary about how long such a pull-back would last or how far it would go. Any way you slice it, the lock/float outlook is less intense than it had been earlier in the month (meaning things are looking better), but the lowest rates in more than a month are always arguably a good opportunity to lock.
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