📈💸 New Trend in Mortgage Rates 📈💸

Mortgage rates have gone up for everybody out there across the country. But there's an interesting trend that buyers should really be aware of. The average lender across the country has a 5 and a half percent conventional rate as of today. Which also makes our high 4% FHA BA and low 5% conventional rates look very good. However there's more to that we need to unpack. That 5.5% average lender rate has 3/4 or 0.75% of a discount point on it which is a new trend. The reason for this is they want to get their money up front so that 0.75% of the loan amount average loan amount is about $400,000, 000 today. 0.75% is $3,000. The average lender is taking $3,000 additional on top of the normal closing cost up front. It's because they're fearful of a refi risk because if rates continue to go up and they keep pushing the rates higher and higher they're at a higher risk of that person refinancing out of that higher rate. So they instead want to hold the rates from going up as much as they should and collect the money up front. New trend here that makes the rates a little bit more deceiving.