Mortgage rates experienced a slight dip this week, continuing in a redefined, “sideways trend” at 6%, according to Freddie Mac. This “sideways trend” has been present since the Spring and is remarkable in comparison to the increases in mortgage rates seen all throughout 2018.

Notable points concerning this “sideways trend”:
• Low of 6%: Despite recent speculation of a potential uptick in rates, the 6% threshold has remained quite consistent since the Spring
• Balancing Act: The significant gap between the vast selection of mortgage products and the limited demand for loans has created the balancing act in mortgage rates
• Relief for Homeowners: The overall market climate has provided relief for current homeowners and those in the market for a new home
• Increase in Applications: Interest rates are remaining low enough to continue stimulating refinance and home buying activity, leading to an increase in applications

Overall, the threat of increasing interest rates has not come to fruition, and instead rates have remained quite steady, creating a positive environment for homebuyers and those considering refinancing their homes. Any changes in the mortgage rate market should be closely monitored in the future.

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