Mortgage RatesÃ‚Â continued a relentless move higher today,Ã‚Â as financial markets continue rapidly adjusting the price of new realities (more on that in a moment). Ã‚Â 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%. Ã‚Â That’s nearly unheard of in modern economic history. Ã‚Â
(NOTE: There are several articles floating around today that say rates have only risen 0.03% week-over-week. Ã‚Â 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. Ã‚Â Incidentally, the following 2 days also saw a quarter point spike, bringing rates a total of 0.5% higher in 4 short days. Ã‚Â Those were the worst 4 days for mortgage rates on record. Ã‚Â