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3 surprising things to know about mortgage rates
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2023 was not a great year for the mortgage market.
Thanks to elevated inflation and the highest interest rates in decades meant to tame it, mortgage interest rates surged, hitting their highest point since 2000. And while they’ve dropped slightly since, they’re still exponentially higher than they were in 2020 and 2021, for example. The long-term forecast for rate cuts and drops is also unknown, particularly after a report this week showed January inflation still above the Federal Reserve’s goal.
Against this backdrop, buyers — and existing owners looking to refinance — should thoroughly understand their options. This includes knowing the intangibles about the mortgage rate climate and some surprising things that may not be as widely known. Below, we’ll break down three surprising things to know about mortgage rates that could help buyers and owners navigate today’s unique rate climate.
Ready to get started? See what rate you could qualify for here now.
3 surprising things to know about mortgage rates
Here are three things you may not have known about mortgage rates.
Rates change daily
Did you know that mortgage rates change each day? Multiple factors influence rates ranging from inflation to the benchmark interest rate range set by the Fed and more. When mortgage rates plummeted in 2020 that was due to the pandemic and the dramatic rate cuts the Fed put into effect. With so many factors to account for, then, mortgage rates change each day.
While those changes may not be significant, they can quickly add up to a major difference over a few days or weeks. So, if you’re looking to buy or refinance, be sure to shop around for lenders and monitor their websites for daily rate adjustments. And be prepared to act when they move to a number you feel comfortable with.
Start exploring today’s mortgage rates here.
Rates could change before you close
Because rates change each day don’t be surprised to see rates change dramatically between the time you apply for a mortgage or mortgage refinance loan and the time you formalize it at closing. And rates could change before you close even if you lock your rate in.
If your credit profile or score, for example, deteriorates between the time it was locked and the time you closed, your rate could be adversely affected. Because of these factors, then, it makes sense to lock in a low rate when found while doing everything you can to keep your credit score high to maintain that rate through your closing date.
Today’s rates are still relatively low (historically speaking)
Sure, rates hovered around 3% during the height of the pandemic. And, yes, they’ve more than doubled since (a 30-year mortgage interest rate is 7.29% as of February 15, 2024) but they’re still relatively low, historically speaking. A mortgage loan for that same term in 1990, for example, was around 10%, according to Freddie Mac. And it was over 8% a decade later in 2000.
Why does this matter? It’s important to understand that the rates we’ve seen in recent years were abnormal – not today’s rates. With this context, it may be fruitless to wait for historic lows to return and instead proceed with the best rates available now, which are still relatively low compared to previous years. And, if rates somehow return to those lows, you could always refinance then.
See how low of a mortgage rate you could secure online today.
The bottom line
In today’s unique rate environment, it’s helpful to know all the nuances surrounding mortgage rates. For some, this means understanding some surprising facets like mortgage rates changing each day. It’s also important to understand that rates could change before you close on your mortgage loan (even if it was locked) and that today’s rates, historically speaking, are still relatively low. By understanding these three surprising things about mortgage rates now both buyers and owners looking to refinance can better make an informed decision about whether to proceed with new loan terms.
Some residents east of Atlanta were evacuated while others were told to shelter in place to avoid contact with a chemical plume after a fire at a chemical plant.
Rockdale County Fire Chief Marian McDaniel told reporters that a sprinkler head malfunctioned around 5 a.m. Sunday at the BioLab plant in Conyers. That caused water to mix with a water-reactive chemical, which produced a plume of chemicals. The chief said she wasn’t sure what chemicals were included.
A small roof fire was initially contained, but reignited Sunday afternoon, Sheriff Eric Levett said in a video posted on Facebook as gray smoke billowed into the sky behind him. He said authorities were trying to get the fire under control and urged people to stay away from the area.
People in the northern part of Rockdale County were ordered to evacuate and others were told to shelter in place with windows and doors closed. Sheriff’s office spokesperson Christine Nesbitt did not know the number of people evacuated.
The federal Environmental Protection Agency and the Georgia Environmental Protection Division were both on site, county Emergency Management Director Sharon Webb said. The agencies are monitoring the air “to give us more of an idea of what the plume consists of.”
McDaniel said crews were working on removing the chemical from the building, away from the water source. Once the product is contained, the situation will be assessed and officials will let residents know whether it is safe to return to their homes, she said.
An evacuation center was opened at Wolverine Gym in Covington.
Washington — Sen. JD Vance and Minnesota Gov. Tim Walz will face off on Tuesday in the first and only vice presidential debate of the cycle, as the two candidates look to prop up the Republican and Democratic tickets with fewer than 40 days until Election Day.
The debate, hosted by CBS News at the CBS Broadcast Center in New York City, will be moderated by “CBS Evening News” anchor and managing editor Norah O’Donnell and “Face the Nation” moderator and CBS News chief foreign affairs correspondent Margaret Brennan.
Here’s what to know about how the candidates are preparing for the debate:
How JD Vance is preparing for the VP debate
The Ohio Republican has been preparing for the debate for more than a month, a source directly involved told CBS News, including with “murder board” sessions with a small team that includes Vance’s wife and his advisers, along with senior Trump adviser Jason Miller.
Among Vance’s main focuses during the preparation has been studying Walz’ debate style and policy record, the source said, noting that Vance will attempt to highlight what he sees as the Minnesota governor’s left-wing views during the debate.
Vance told reporters last week that his plan is to break down what the Trump-Vance administration would do to make “life better” and connect that to policy.
“So, we’re studying up as much as we can on the issues that matter to the American people, and I’m looking forward to it,” Vance said.
House Majority Whip Tom Emmer, a Minnesota Republican, is standing in for Walz during Vance’s debate prep, four sources familiar with the preparations told CBS News. Emmer and Walz have deep roots in Minnesota and are close in age.
Emmer told ABC’s “This Week” on Sunday that he’s known Walz for decades and has spent the last month working to “get his phrases down, his mannerisms.”
“My job was to be able to play Tim Walz so JD Vance knows what he’s going to see,” Emmer said.
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How Tim Walz is preparing for the VP debate
Walz has been preparing for the debate with a close team of advisers, a source familiar with the preparations told CBS News. Some of the people involved also helped Vice President Kamala Harris take on former President Donald Trump, among others, like a long-time aid to Walz who worked with him during his bids for governor.
For Walz, whose name recognition was until recently limited outside of Minnesota, the focus is on continuing to introduce himself to the American people, according to the source. He’ll also work to highlight Harris’ vision for the nation’s path forward.
“You’ll hear me talk like I have about things that impact Americans, making sure they have the opportunity to thrive, making sure that we’re being factual in how we talk about that,” Walz told MSNBC’s Rachel Maddow of the debate earlier this month. “And so I’m looking forward to it. I’ll work hard, that’s what I do.”
During debate prep, Transportation Secretary Pete Buttigieg is standing in for Vance, a campaign official familiar with the preparation told CBS News. The former mayor of South Bend, Indiana, also assisted Harris during her debate prep in 2020, and is close in age to Vance.
When and how to watch the presidential debate
Debate coverage on CBS News 24/7 begins at 4 p.m. ET, with the debate getting underway at 9 p.m. ET on Oct. 1.
The 90-minute debate will be streamed on CBS News 24/7 and Paramount+ across all available platforms and CBSNews.com. The debate will also be simulcast across other broadcast and cable networks.
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Actor John Ashton, best known for his role as the by-the-book detective in the “Beverly Hills Cop” franchise, has died, his publicist Alan Somers confirmed to CBS News on Sunday. He was 79.
Ashton died Thursday in Ft. Collins, Colorado, after a battle with cancer.
“John was a loving husband, brother, father, and grandfather who will be deeply missed by all who knew him,” a statement said.
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Ashton was born in Springfield, Massachusetts on Feb. 22, 1948, and raised in Enfield, Connecticut. He received a Bachelor of Arts from the University of Southern California.
Throughout his 50-year career in show business, Ashton appeared in nearly 100 movies after making his debut in 1973’s “The Psychopath.”
He was probably best known for his role as Det. Sgt. John Taggart in the first two installments of the “Beverly Hills Cop” series alongside Eddie Murphy and Judge Reinhold. He reprised his role in 2024’s “Beverly Hills Cop: Axel F.”
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Other film credits include “Some Kind of Wonderful,” “She’s Having a Baby,” “Midnight Run,” “Little Big League” and “Gone Baby Gone.”
On television, he played Willie Joe Garr on several episodes of “Dallas” and made an appearance on such shows like “Columbo,” “Police Squad!” “Hardball” and others.
“John devoted his career to honing his craft and bringing characters to life on the screen. His presence will be greatly missed,” Somers said.
Ashton is survived by his wife Robin Hoye, three children, three step-children and a grandson. He also leaves behind two sisters and a brother.
“John leaves behind a legacy of love, dedication, and service. His memory will forever be treasured by his wife, children, grandchildren, as well as his brother, sisters, his extended family and all who loved him,” Somers said. “John’s impact on the world will be remembered and celebrated for generations to come.”
The family requests any donations in Ashton’s memory be made to Pathways Hospice Care
Residents in Georgia ordered to evacuate or shelter in place after fire at chemical plant
Israeli airstrikes kill dozens across Lebanon as Hezbollah confirms a 7th top commander was killed
Residents told to evacuate or take shelter after Georgia chemical plant fire