Highest Rates in a Year; Big Drama For Investment Property Loans

Rising rate headlines are nothing new, but there was a bit of a double whammy this week… or triple, depending on your point of view.
Whammy 1: Highest Rates in a Year
It’s March 2021, and you’d now have to go back to March 2020 to see higher mortgage rates.  It will take mainstream media a while to get caught up with this new reality because the most widely cited mortgage rate survey tends to lag behind sharp moves like this.  
Whammy 2: It’s Been a Bumpy Ride
And that brings us to “whammy 2.”  This move has been surprisingly abrupt.  Not only have rates risen about as fast as they ever do over the past 2 months, there have also been several false starts where it looked like rates were catching a break only to jump much higher in a single day.  …(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