General World News

6% mortgage rates are back (for select borrowers)

After hitting a 23-year high of 8% in October, mortgage rates have cooled down to the lowest levels since July. Some borrowers are even getting quoted in the 6% range.

A top-tier borrower with a 780 FICO score and a 25-30% down payment for a single-family vanilla 30-year fixed-rate mortgage was quoted 6.875% on Thursday, said Larry Steinway, senior vice president of mortgage lending and branch manager of Revolution Mortgage

“We are definitely seeing an uptick in demand. There’s been increased activity in the last two weeks [more] than the last two months. When interest rates hovered around 8%, it really hurt details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com