Mortgage rates were already having their worst week since 2016 as of yesterday afternoon. Rather than help to heal some of the damage, today’s bond market momentum only made things worse. Whether we’re looking at 10yr Treasury yields a broad indicator of longer-term rates or average mortgage lender offerings, this week now ranks among the top 3 in the past decade in terms of the overall move higher. At this point, we’d have to go back to the trauma of 2013’s ‘taper tantrum’ to see anything bigger.
Few, if any, news articles or various mortgage rate indices have had a chance to catch up with the move. This is especially true of the widely cited Freddie Mac data that circulated yesterday. It indicated a 0.06% increase in rates from the previous week. It was already significantly outdated by yesterday afternoon, but the gap between there and reality is now truly staggering with the average lender’s week-over-week jump hitting 0.30% by Friday afternoon.
…(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