Highest Mortgage Rates in 2 Weeks

Mortgage rates continued higher for the third straight day on Wednesday.  This brings the average lender to the highest levels in exactly 2 weeks.  But that’s the most dramatic way to represent the facts.
While it’s true that rates are at 2 week highs, they’re not too far away from 2 week lows.  In fact, many borrowers would be seeing the same “note rate” at the top of today’s loan quotes as any other day in the past 2 weeks.  Indeed, the same could be said for the past 2 months in many cases. 
If note rates are unchanged, why are we talking about “higher rates?”  In short: upfront costs!  Whether it’s a positive or negative value, mortgages have an associated cost that allows for smaller adjustments than the typical 0.125% interest rate increments.  For example, a 3.25% note rate with $1400 in lender fees costs you more than a 3.25% note rate with $1000 in lender fees. …(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