by Bill McBride on 12/16/2014 04:44:00 PM
Tuesday, December 16, 2014
From Matthew Graham at Mortgage News Daily: Mortgage Rates Back to Pre-Taper-Tantrum Levels
Mortgage rates fell decisively today, bringing some lenders back in line with rate sheets seen on May 22nd, 2013. That's significant because it was arguably the first day of the 'Taper Tantrum,' when markets began pricing in the effects of a reduction in Fed asset purchases. On a more quantitative note, it was significant because it was one of the most abruptly negative days in modern mortgage rate history--one of several that would be seen in the ensuing months.Here is a table from Mortgage News Daily:
Simply put, for more than a full year, borrowers and mortgage professionals would have been thrilled with the chance to go back in time to lock May 22nd, 2013 rates. In more than a few cases, now they can.
The most prevalently-quoted conforming 30yr fixed rate for top tier borrowers is now in transit between 3.875% and 3.75%.
Posted by Bill McBride on 12/16/2014 04:44:00 PM