Mortgage Rates Index - JUN 23

Can the party in mortgage rates continue? 🥳

In the last 10-Days the PRICE of mortgage rates has dropped by 57 basis points. 💰↘️

That's $570 per $100k, or $2,850 on a $500k loan.

Zooming in closer on Monday’s price action, we can see the cost of getting a mortgage decreased by 26 bps since Friday, or $1,300 on a $500k loan.

Mortgage rates do not rise or fall.

Instead, the cost of each rate changes based on the price of mortgage bonds (MBS).

The PRICE of mortgage bonds move inverse with the RATE of treasury bonds - same tune, different dance.

The LendZen Index tracks the price of rates across a spectrum of MBS.

This provides a clearer picture of how the cost to obtain a mortgage has changed, regardless of the rate or qualifiers like credit score.

Since May 1, we now sit just 36 bps from a full recovery of the almost 2-point jump in price (183 basis points).

Want to check customized, real-time mortgage rates instantly?

LendZen gives you real-time access to mortgage rates that update as bond prices change.

The detailed loan summaries have an interactive rate slider that shows all current mortgage rates and full transparency of costs upfront.

All information can be viewed anonymously and without any sign-up requirements or human interaction. This makes exploring the full range of rate options hassle-free.

See for yourself and customize your own loan scenario at LendZen(.com)

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