Mortgage Rates Spike, Erasing Last Week's Gains

Posted To: Mortgage Rate Watch

Mortgage rates moved abruptly higher today, erasing the improvement seen last week. An entire week's worth of movement may or may not be worth stressing out about depending on your perspective. On one hand, we're only talking about a change of roughly 0.06% in terms of the "effective rate" on the average 30yr fixed loan. That'll cost you about $7/month on a $200k loan. On the other hand, last week was the best in more than 2 months. While erasing those gains might not be dramatic in terms of outright financial impact, it could signal a shift in the overall trend. There are 2 trends to consider at the moment. The first only stretches back to early July, and that's the one that's clearly under attack. The other trend is one of general improvement since March 2017, and we'd need to see several...(read more)

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