Mortgage ratesÃ‚Â moved higherÃ‚Â for the 5th time in the past 6 business days. Ã‚Â The past 2 days have combined to bring rates a full .125% higher. Ã‚Â That’s the increment by which rates are most commonly divided (i.e. 4.0, 4.125%, 4.25%, etc.). Ã‚Â Under normal circumstances rates might move that much over 2 weeks as opposed to 2 days. Ã‚Â In fact, it happened twice in this most recent cycle (Jan 18/19, and Jan 24/25). Ã‚Â The only time we see rates moving any faster is during major blowouts like the weeks following the election or the 2013 taper tantrum. Ã‚Â
The average lender is once-again quoting 4.25% on top tier conventional 30yr fixed scenarios. Ã‚Â This isn’t the first time we’ve seen 4.25% this year, but closing costs are slightly higher today. Ã‚Â That means effective rates are at 2017 highs. Ã‚Â Several lenders are already up to 4.375% and a scant few remain at 4.125%.