Industry Insight
May 27, 2022

Mortgage Rates "Freefall" in Biggest Drop in Years

Here's this week's wrap-up in mortgage news.

Mortgage Rate Overview

Today's 30-year mortgage rates dip below 5% for the first time in 30 days. With mortgage rates falling across all terms, buyers who have been waiting for rates to drop may want to lock in a lower rate now, ahead of future upswings. - Fox Business

Mortgage rates are starting to decline after hitting levels unseen in more than a decade. - WSJ

After rising steadily for months, mortgage rates made a U-turn last week, and borrowers jumped to take advantage. The crisis in Ukraine rattled financial markets and caused a run on the relatively safer bond market. Yields fell and mortgage rates followed. - CNBC

While the decline is modest, it’s the first in nearly two months and could indicate some stability in the market after months of large increases and high volatility, experts say. - Time

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Mortgage Rates & Home Loan Refinancing

Mortgage refinance rates for 10- and 15-year terms fell to their lowest levels since the beginning of April, offering substantial money-saving opportunities for homeowners who lock in a rate for one of these shorter terms. - Fox Business

With interest rates higher than they’ve been in a decade, there are fewer people who can save money by refinancing to a lower rate, but there are some people who still have high rates, Shekhar says. “The opportunity to refinance that I see right now is for people who have high-interest debts, maybe credit cards, that they want to consolidate.” - Time

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Mortgage Rates & Home Purchasing

Mortgage rates for 20- and 30-year terms plummeted back below the 5% mark today, giving buyers an opportunity to lock in a lower rate. Buyers who can manage a higher monthly payment might consider locking in a rate for a 10- or 15-year term, which also dropped. - Fox Business

Home listings suddenly jump as sellers worry they may miss out on the red-hot housing market...Real estate brokerage Redfin also reported that new listings rose nearly twice as fast in the four weeks ended May 15 as they did during the same period a year ago. - CNBC

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Phillip McSween

Manager, Mortgage Origination - NMLS #2104845
Phillip McSween manages Neat's team of home loan advisors. As a champion of a client's needs and financial goals, he values speed, transparency, and certainty throughout the entire home financing process.