Whale, Rates Are Making Waves Again
Boring Mortgage News
“All he talks about is Iran…get a life.”
Whale, it’s because this conflict is having a direct impact on the real estate market — sooooo yeah. With this conflict continuing, mainly with opening and closing the Strait, we have seen wild fluctuations in the markets, and since the mortgage rate is an emotional one… we’ve seen wild fluctuations there.
“Is now the time to buy?”
Dolphin, seeing as the majority of contracts have sellers paying closing costs, AND that the first quarter saw one of the largest reductions in sales prices… I’d say it looks pretty stinking good.
“But you just said rates are fluctuating.”
Sea Turtle, yeah, but when we look back to this time last year, the national average was at 6.9 something percent — soooooooooo, seeing as we are a half point lower than that, I’d say let’s go buy a house.
Less Boring Mortgage News
As I licked my wounds from a surprise 40th party, I noticed the average for the 30-year fixed rate is now firmly in the mid 6% range, with a downward trend towards lower waters.
Keep in mind that this is a national average, and can change a bunch based on down payment, credit, property type, occupancy type, and program type. If you want to dive deeper, holler at me.
Source: HousingWire & Mortgage News Daily. This is not a commitment to lend and does not guarantee the availability of any particular product or interest rate. Rates/terms illustrated may not be available through BankSouth Mortgage.
Blog post date: April 21, 2026
