There's finally bustling rate activity in the mortgage market. It only took a 100 bps drop in yields to wake most banks up.
Let's talk uninsured mortgage rates to start. Leading nationally-advertised 5-year fixed rates are back below 6% for the first time in two months. HSBC is leading the charge with its 20 bps drop to 5.94%.
In the insured market, 5.19% is the new standard from national lenders, but why stop there? Regional discounter Butler Mortgage has already cracked the 5% barrier. Butler is now advertising a bought-down 5-year at 4.99%. Other cut-rate mortgage shops won't be far behind.
Meanwhile, at the Big 6, where rates fall slower than feathers in an updraft, our channel check confirms that median discretionary rates are on the downswing: