Mortgage Rates Surge Above 2-Year Highs
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by Trevor Sines

Mortgage rates spiked abruptly today, bringing them to the highest levels in well over 2 years.  The average lender is now quoting conventional 30yr fixed rates of 4.25% on top tier scenarios with more than a few already up to 4.375%.  You’d have to go back to the summer of 2014 to see a similar mortgage rate landscape.  

(NOTE: Freddie Mac’s widely-cited primary mortgage market survey, released today, showed a 0.05% increase week-over-week.  That increase is actually fairly close to the true week-over-week increase, but only if you’re using last Wednesday or Friday as your baseline.  Freddie’s baseline was Mon/Tue–shorter than normal due to the holiday week.  Additionally, Freddie’s survey doesn’t capture today’s rate spike, which was roughly 0.10%.  The bottom line is that many borrowers will be seeing rates that are .125-0.25% higher this week versus the beginning of last week.  By my calculations, if rates didn’t change at all in the coming week, Freddie’s next survey would likely be 0.08% higher.) 

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