Mortgage Rates Surge Well Into New 7-Year Highs

Mortgage rates skyrocketed today, in relative terms.  It was the single worst day in nearly 2 years, and among only a few days where effective rates moved more than 0.10%.  Typically, mortgage rates are offered in 0.125% increments.  We’re able to track “effective rates” by examining the upfront costs associated with any given rate.  For instance, a quoted rate might not change from day today despite major changes in upfront costs/credits.  At a certain point, the upfront cost change is big enough that it makes more sense to jump up by the aforementioned 0.125% increment….(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