From Matthew Graham at Mortgage News Daily: Mortgage Rates Lowest in a Week After Starting Higher
In terms of MND’s index, we started at 8.01 this morning versus 7.97 on Friday afternoon. The intraday gains ultimately paved the way for a drop to 7.91.
As always, keep in mind that this is an index value that represents an a effective top tier rate for the most ideal 30yr fixed scenario. It means that plenty of loans are being done at rates in the 8%+ range and many continue to be quoted in the mid-to-high 7s. Loans in the 7% range tend to have discount points or buydowns. [30 year fixed 7.91%]
emphasis added
Tuesday:
• At 10:00 AM ET, Richmond Fed Survey of Manufacturing Activity for October.