Things Just Keep Getting Worse For Mortgage Rates

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Posted To: Mortgage Rate Watch

Mortgage rates surged higher today, moving easily to new 4-year highs. Today’s average conventional 30yr fixed rate is roughly one eighth of a percentage point higher than Wednesday of last week and more than half a point higher than the best rates seen in January. A half point increase would cost roughly $90/mo in terms of monthly payments on a $300k loan. In terms of actual “note rates” being quoted, 4.625% is now replacing 4.5% as the most prevalent quote on top tier scenarios. That said, it’s worth noting that there’s a fair amount of variability from lender-to-lender and day-to-day at the moment. This is typical for market conditions we’re currently enduring. As expected, today’s specific culprit was the Consumer Price Index report (CPI). This is the most important inflation report in…(read more)

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