Mortgage Rates Rising at Fastest Pace in Years

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Posted To: Mortgage Rate Watch

Mortgage rates continued a relentless surge higher today. The move began in earnest yesterday for two key reasons: bond market panic and mortgage market over-supply. If you take nothing else away from the following, the important part to understand is that rates are absolutely significantly higher than they were this morning, yesterday, and on Monday morning. The pace of that move has been the fastest since the 2 days following the 2016 presidential election, and one of only a handful of 2-day periods with more than a 3/8ths bump to the conventional 30yr fixed rate. The bond market panic is the logical ingredient. Rates–especially those in US 10yr Treasuries, which do NOT directly translate to the mortgage market–fell precipitously to new all-time lows as of Monday morning. They’ve since…(read more)

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