YES … BASE RATES (before addons for LTV, DTI, and FICO) have FINALLY dropped to 5.500% today and is the lowest we’ve see this base rate since Q1 2022.  This has obviously been a long period of time though greatly appreciated by those looking to purchase or refinance your home or investment property. (Note:  LTV = Loan To Value, DTI = Debt To Income, FICO aka Credit Score).

The economy is beginning to show signs of weakness with the increase cost of everyday items (aka inflation), new jobs are missing expectations, and unemployment claims are beginning to increase.  This is why the Federal Reserve Board dropped the overnight rate again 0.25% in December which directly impacts consumer loans (credit cards, autos, HELOCs, etc.) AND has an influence on mortgage-backed securities which directly impacts mortgage rates and is completely controlled by WallStreet…