Rates Edge Back Toward Long-Term Highs

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Posted To: Mortgage Rate Watch

Mortgage rates failed to extend yesterday’s modest improvement, moving modestly higher by the end of the day. This takes the average lender very close to the long-term highs seen on October 5th. Indeed, prospective borrowers shouldn’t be surprised to see the highest rates since early 2011. In and of itself, today wasn’t too dramatic. We were already fairly close to these highs yesterday and, in general, have been holding in a fairly sideways pattern nearby for most of the month. As has been the case for more than 2 years, we are in a rising rate environment, and there’s no compelling reason for an immediate change. That said, the higher rates go, the harder it will be for them to continue moving higher. Additionally, when rates are historically high, we tend to see more “false starts” that…(read more)

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