Worst Week For Mortgage Rates Since March

Posted To: Mortgage Rate Watch

Mortgage rates moved higher for a 4th straight day to end the month of June. In terms of upward movement, this has been the worst week for mortgage rates since early March, 2017. Most borrowers are now seeing rates that are a full eighth of a point higher than Monday morning's levels. While that's not even remotely close to the damage done during election week last year, an eighth of a point in 4 days is definitely on the abrupt side of historical averages. Whereas 3.875% had been widely available on Monday morning, the most prevalently-quoted conventional 30yr fixed rate is now up to 4.0% for top tier scenarios, and 4.125% is rapidly gaining market share. Whereas the lock/float outlook had been calm and steady heading into this week, it quickly turned defensive as losses mounted. There are...(read more)

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