Mortgage Rates in Big Trouble

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Posted To: Mortgage Rate Watch

Mortgage rates are in big trouble . Whatever you’ve read about the current spike so far today, you’ll probably need to double it after today’s bond market movement. Why? Because most news stories on rates haven’t yet accounted for today’s bond market movement! The most prevalent source material is Freddie Mac’s weekly survey which generally tracks lender quotes from Monday and Tuesday of any given week. The survey showed a 0.07% jump week over week. The actual jump is more like 0.12-.13. The average lender is now quoting 4.375% on top tier 30yr fixed scenarios. More than a few are already up to 4.5%. Lenders quoting rates much lower are likely doing so at the expense of profit margins and that could create sustainability concerns. Moreover, unless you’re interacting directly with someone who…(read more)

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