Another Day; Another Long-Term High For Rates

Mortgage rates haven’t really been able to catch a break recently.  This week is shaping up to be one of the worst since March.  Since then, only 2 other weeks have been worse and they both occurred in the past month.  In and of itself, today’s jump in rates wouldn’t be too troubling, but when added to the existing momentum, the losses are adding up.  A conventional 30yr fixed scenario that had carried rates in the 2.75-2.875 neighborhood a month ago is now closer 3.125-3.25%.
Making matters more frustrating is the fact that there really isn’t any great, short-term explanation for the incremental damage.  Negative momentum is simply embedded, and it has been since the Fed signaled its intent to taper its bond purchases on September 22nd.  Around the same time, covid case counts began turning a corner in a convincing way. …(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.
Source: mortgagenewsdaily.comNew feed