Biggest 1-Day Mortgage Rate Spike in 2 Years

Posted To: Mortgage Rate Watch

Mortgage rates were crushed today , moving higher at the fastest single-day pace since 2013. The average lender saw a full eighth point hike in 30yr fixed rates today, which roughly equates to 1 point in terms of upfront cost (1% of the loan amount). Movement of this magnitude is not common. There are only 14 other days in the past 5 years that have been this bad or worse. Being among the top 15 days of the past 5 years puts it in a special category of days that are completely different from the average "very good" or "very bad" day. It takes a certain level of capitulation, panic, and momentum to break through the average day's range of rate movement. Once that happens, the follow-through almost defies logic , much like histories biggest volcanic eruptions are nothing like thousands of uneventful...(read more)

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from Mortgage News Daily http://ift.tt/1OBi51L