Brutal Week For Rates But There's Hope (Hopefully)

Rising rates have been on the menu for months, but the drama kicked into a higher gear this week.
Maybe you heard about this?  We’ve certainly been discussing it in recent newsletters (especially last week’s).  The rising rate narrative hit the mainstream this week as it was widely credited for doing damage to the stock market.
Perhaps you even caught one of Thursday’s many mortgage rate headlines citing the spike in Freddie Mac’s weekly mortgage rate survey.  Freddie reported a jump in 30yr fixed rates from 2.81 to 2.97, their biggest in nearly a year.
Unfortunately, Freddie was low last week and they’re WAY low this week.  This is a common problem when things are this volatile.  Although their survey is published on Thursdays, most of the responses are in by Monday. …(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