Mortgage interest rates have been steadily rising since the beginning of the year, flirting with the 7% level for a 30 year conventional fixed rate mortgage with a 1 point origination fee. (With no origination fee, rates had been brushing 7.25%). Over the last few weeks, though, rates have reversed their upward march. In a check today, Wells Fargo was publishing a 6.625% rate for a conventional 30 year fixed with 1 point (6.778% APR) , while Schwab Bank was a hair lower at 6.522% (6.69% APR).
A week or two ago, it looked like the Fed was done with rate hikes, at least for the time being. But inflation and manufacturing data today released today has the markets abuzz with the possibility of yet another Fed move. So the current mortgage rate valley could be an attractive, and possiblhy short lived, opportunity for buyers.