Yes, for a couple of reasons.I haven't been paying attention, have rates gone down again in the last few months? I checked earlier in the year and thought I missed the boat.
Mortgage rates tend to follow what happens with Mortgage Backed Securities, which are traded on wall st. So whatever buyers & sellers are doing, based on economic data, reports, fed meetings, inflation, etc...those drive MBS, which in turn drives rates. It's not an exact correlation, because banks still have control over their rate sheets. If companies are understaffed and having trouble keeping up with current volume, then they may use rate sheets to help control the volume coming in. If they're already buried, chances are they won't all of the sudden be slashing rates 0.25%, even though the MBS may show that's where rates "should" be.
This chart shows MBS since May. Each tick mark is a trading day, and green tick marks are positive days, red are negative. The higher on the chart we go, the better it is for rates. You can see we were in a pretty narrow trading range from May until about mid June. But we have been steadily improving since then. We're at levels now we haven't seen since about the beginning of February:
The other major factor is that about a year ago is when the FHFA (Federal Housing Finance Agency) came out with the announcement with zero warning that they were charging a 0.50basis point fee on all conventional refinances over $125k. This was straight up money grab. They saw a lot of refinance activity was happening and wanted to cash in on it. That fee can be charged 1 of 2 ways. On a $200,000 loan at 3.00% interest rate (for example), it would be $1,000 extra added to closing costs (0.50% of the loan amount). Or, instead of charging it at closing, the rate would need to go up to probably 3.125-3.25% to absorb that fee.
About 2 1/2 weeks ago, FHFA has rescinded that fee. It's no longer being charged on refinances. So in addition to the market gradually getting better, there's also a 50basis point hit no longer in effect for refinancing.