Mortgage Rates held steady at the end of last week, continuing a much-needed break from the move higher that dominated the first 2 weeks of October. While we’ve only seen modest improvements, it’s been enough to get the average lender back below last week’s best levels. 3.625% remains the most prevalently-quoted convention 30yr fixed rate on top tier scenarios, though there are a few lenders at 3.5%.
In terms of underlying market movement, it has been much calmer than they might have been. Expectations for volatility centered on the European Central Bank (ECB), and the risk that it would say something about reducing its bond buying program at last Thursday’s press conference. A reduction in the program would imply higher rates around the world, and indeed, the associated fears are part of the reason rates have been rising in general. But the ECB abstained from official comment and anecdotally has promised to let us know in early December.
That means interest rates of all shapes and sizes are at a bit of a loss when it comes to inspiration. Risk and reward thus decreased when it comes to lock vs. float decisions.
Some of the latest, local mortgage rates according to Bankrate.com are:
| Bank | Rate |
| Regions | 3.905% |
| Wilson Bank & Trust | 3.648% |
| Pinnacle National Bank | 3.650% |
| Citizens Bank | 3.781% |
| First South Bank | 3.646% |
* The above mortgage loan information is provided to, or obtained by, Bankrate. The rate is based on 30 year fixed rate mortgage and a loan of $300,000. Rates change often and your personal rate may differ from the above number based on your qualifications. To see more rates from Bankrate, click here.
* The above mortgage loan information is provided to, or obtained by, Bankrate. The rate is based on 30 year fixed rate mortgage and a loan of $300,000. Rates change often an your personal rate may differ from the above number based on your qualifications. To see more rates from Bankrate, click here.
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