Mortgage rates were sideways to slightly lower today, keeping them in line with the lowest levels in more than three years. While there are a few aggressive lenders quoting 3.5% on conventional 30yr fixed loans, 3.625% is the most prevalent quote on top tier scenarios. 3.75% had been more common until last week's jobs report sent rates quickly lower, and all but eliminated the possibility of a Fed rate hike in June. The Fed Funds Rate does not directly dictate mortgage rates, but increasing expectations for Fed rate hikes tend to coincide with increasing mortgage rates. When rates have been near these 3-year lows, we've only seen them dip lower briefly--and usually not by that much. That means locking is never a bad idea at current levels. Even so, risk-takers could also find justification
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