Mortgage Rates Bounce to 2-Week Highs

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Posted To: Mortgage Rate Watch

Mortgage rates moved higher today, with most lenders quoting their highest rates in at least 2 weeks. But before you let that worry you too much, know that the range of available rates has been so narrow over the past 2 weeks that it didn’t take much to earn that dubious distinction. In fact, today’s rate change is pretty close to average. It wasn’t even enough for lenders to change “note rates” (the actual interest rate applied to a loan balance). Instead, changes are more likely to be seen in the form of the upfront costs/credits associated with any given rate quote. Economic data has a longstanding relationship with interest rate movement. With that in mind, it’s fair to assume that this morning’s strong GDP report had a negative impact on rates. But that’s not what market participants are…(read more)

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