It’s only ironic that, once again, the average mortgage rate for a 30-year loan is 6.66%.
Interest rates have been pretty stable in the last few weeks, despite a very fluid situation and contrasting factors pushing and pulling on that range, and it’s pure irony that the anchor point seems to be 6.66%. It’s just too easy to not associate it with some devilish scenario that maybe should be concerning!?
Let’s be rational and enjoy some stability; at least some can enjoy an easier-to-predict credit environment, at least in the short term. Maybe that’s why home loan applications have increased, despite a usually slower month in the housing market (median days on the market for December 2023 at 61 days, January probably and usually higher). It’s always more difficult to make decisions when you don’t know what’s going to happen tomorrow. This stability helps with that, although where we’re going to be with rates in a year or even just a few months is very hard to say, despite so many that keep expressing very strong opinions. Take them with a grain of salt and for now, make the most of this demonic stability of (30Y) mortgage loan rates.
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