Mortgage Rates Fall, Easing Down From 2-Month High [Video]

Editor’s Note: Investopedia will not publish daily mortgage rate news on Feb. 19 in observance of Presidents’ Day. We will return to our daily rate coverage on Tuesday, Feb. 20.

After climbing almost a quarter point over two days and hitting their highest level in more than two months, rates on 30-year mortgages dropped back Thursday, falling to a 7.31% average. Rates were also down for almost every other new purchase and refi loan type.

Rates vary widely across lenders, so it’s always smart to shop around for your best mortgage option and compare rates regularly, no matter the type of home loan you’re seeking.

Thursday rates on 30-year new purchase mortgages fell 9 basis points, after jumping 21 basis points the prior two days. That eases the average to a slightly cheaper 7.31%, though it remains well above the February low point of 6.94%. Still, current 30-year rates sit far below the historic …