The BASE RATES (before addons for LTV, DTI, and FICO) continue to creep downward over the last month and are holding steady and are the best we’ve since before the 10/7/2024 Jobs Report for September 2024 when our last base rate was 5.25%  (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 job reports are missing expectations, and unemployment claims are beginning to increase.  This is why the Federal Reserve Board dropped the overnight rate 0.25% 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…