NOW Mortgage Rates Are at 4-Year Highs

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Posted To: Mortgage Rate Watch

Mortgage rates moved markedly higher today, officially leaving them at new 4-year highs. The only other time they’ve earned that distinction this year was in February–NOT last week as all the major surveys claimed. To be clear, they were certainly close last week, but the surveys didn’t account for some of the worst individual days in February. Does any of this really matter? No, not so much. Here’s what matters: The average lender is quoting very well-qualified borrowers with huge downpayments something north of 4.5% on conventional 30yr fixed mortgages today. Let’s call it 4.625%. Up until Friday, that number hadn’t been over 4.5% except for on a few of those ill-fated February days. Also important is the message that such a move sends. Simply put, the bond market (which underlies rates…(read more)

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