Mortgage rates didn’t have a great day today, moving even higher from what were already the worst levels in a month as of yesterday afternoon. In and of itself, this single day wasn’t any more dramatic than the average “bad day,” but taken together with the past 3 days and the assessment is more grim. Simply put, this is now the worst week for mortgage rates since the 2016 presidential election.
If that seems way too depressing, don’t worry, I have a counterpoint for you! Each of the 3 weeks before that saw at least one day of mortgage rates at their lowest levels in 3 years. These also happened to be 3 of the most stable weeks that rates have ever enjoyed when holding so close to long-term lows. The typical pattern is for a quick run down followed by a similarly quick jump back up. For instance, the window on 2016’s lowest rates was only open for 2-4 days depending on the lender.
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Source: mortgagenewsdaily.comNew feed