Mortgage rates are about the same as they were in May 2019. Definitely higher than what we have seen in the last two years. But despite a multitude of news stories suggesting 30 year fixed mortgage rates somewhere in the mid to high 3.0% range, rates are actually around 4.0% and they have been since last Friday.
This happened pretty quickly. We’re still seeing predictions for rates to average something in the low 3% range in the first quarter of this year, but we are already halfway through Q1 and rates are already up to an average of nearly 3.75% and rising every day. Moreover, on each of the last 5 business days the average lender has been at or over 4.0%.