Mortgage Rates Quickly Approach 2-Year Highs
Call (248) 674-6450 For an Instant Pre-Approval!
by Trevor Sines

Mortgage rates move abruptly higher today, bringing the average lender very close to the highest levels in more than 2 years.  As it stands, rates are officially at 17-month highs, with June 26th, 2015 being the last day where rates were any higher.  Prior to that, we’d have to go back to September 2014 to see anything higher.  To give you an idea of how close we are to that dubious distinction, there are already some lenders whose rates are worse than June 2015’s.  It’s only when we look at the broader average that we’re “not quite there yet.”  

Labels and statistics aside, rates are qualitatively in bad shape–relative to where they had been, at least.  Several lenders who had been quoting 4.125% on top tier conventional 30yr fixed scenarios are now up to 4.25%.  More aggressive lenders that had been at 4.0% are generally now up to 4.125%.  More important than the outright level of rates (which many would argue is historically low) is the speed with which they’ve risen.  In just 3 short weeks, average rates are up more than half a point now–a feat seldom duplicated in the history of mortgage rates.  

…(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Share this article

Leave a comment

Your email address will not be published. Required fields are marked *