Mortgage Rates Quickly Approaching 4.5%
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by Trevor Sines

Don’t believe anything you read about mortgage rates today… well, except this. In fact, you’re welcome to believe anything you read as long as it acknowledges the fact that rates have risen nearly a quarter of a point from last week, pushing them well into the highest levels in more than 2 years.  The average top tier conventional 30yr fixed rate is quickly approaching 4.5%.  Nearly every lender that was at 4.125% last week is now at 4.375%.  Lenders who were at 4.25% last week are mostly up to 4.5%.  

The overall spike in rates since the election is now on par with the 2013 taper tantrum.  You’ll hear time and again “don’t worry… rates are historically low…” and my personal favorite “for every .125% in rate, the payment only rises $7 per $100k borrowed.”  All of that is true, except perhaps for the “don’t worry” part.  Some borrowers may need to worry about no longer qualifying due to debt-to-income guidelines.  

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