Mortgage Rate Pain on Par With Taper Tantrum
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by Trevor Sines

Mortgage Rates continued a relentless move higher today, as financial markets continue rapidly adjusting the price of new realities (more on that in a moment).  The average 30yr fixed rate quote surged another eighth of a point today (a huge move, relative to the average 24 hours), bringing the 2-day total to 0.25%.  That’s nearly unheard of in modern economic history.  

(NOTE: There are several articles floating around today that say rates have only risen 0.03% week-over-week.  These are based on Freddie Mac’s weekly survey which has not yet captured the volatility of the past 2 days, due to its sampling methodology).

The last time rates moved a quarter point higher in 2 days was during the throes of the taper tantrum in mid-2013.  Incidentally, the following 2 days also saw a quarter point spike, bringing rates a total of 0.5% higher in 4 short days.  Those were the worst 4 days for mortgage rates on record.  

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