Super Low Rates Had a Big Impact, But Now They’re Moving Back Up

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Posted To: Mortgage Rate Watch

Mortgage rates resumed a week-long move higher today, bringing them to the highest levels since March 19th or 20th, depending on the lender. Between now and then, they’d fallen abruptly to the best levels in more than 15 months. The improvements were meaningful enough to draw out refinance applicants in droves according to weekly mortgage app data released by the Mortgage Bankers Association (MBA) this morning. On an even more impressive note, the MBA’s count of purchase applications was at its highest level in nearly a decade! While we can’t give low rates all the credit for fueling the purchase side of the mortgage market, they’re clearly helping . Actually, I should clarify: they clearly HELPED … (past tense). Granted, today’s rates are still much lower than those seen in February and…(read more)

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