Mortgage Rates Finally Make a Move, But in the Wrong Direction

Mortgage rates finally broke out of a persistent sideways grind today. Unfortunately, rates moved higher at a fairly brisk pace . Whereas most lenders were offering conventional 30yr fixed rates of 3.625% on top tier scenarios yesterday, 3.75% is more prevalent today. Borrowers who didn’t see an increase in the contract rate will instead see the changes in the form of higher upfront costs. While it may seem a bit abrupt , days like today are very much part of the market’s playbook. When trading levels (which generally dictate the movement on lenders’ rate sheets) hold as steady as they had been for as long as they had been, the first move away is almost always faster than average. Today was …
Mortgage Rates Newsletter – Market Analysis

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