Having inched up from 6.61 to 6.66 percent over the past two weeks, the average rate for a benchmark 30-year mortgage has since inched back down to 6.60 percent, which is the lowest average rate in 8 months but still 45 basis points higher than at the same time last year, 100 basis points higher than average over the past 30 years, and 395 basis points higher than the cost of mortgage debt in early 2021, with the average rate for a 30-year Jumbo now hovering around 7 percent.
At the same time, the probability of the Fed starting to cut rates in the first quarter of this year has dropped from over 70 to under 60 percent. We’ll keep you posted and plugged-in.