Rates Break Through Important Ceiling
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by Trevor Sines

Freddie Mac’s weekly mortgage rate survey came out this morning showing the lowest rates in 3 weeks (don’t get excited). This happens due to the survey’s methodology, which unfortunately relies on Monday/Tuesday rates almost exclusively. With lenders closed for business on Monday and with Tuesday legitimately being in line with the lowest rates of the year, Freddie’s headline is perfectly defensible–assuming we’re not talking about yesterday or today. If we are, then things are much worse.

After an abrupt increase yesterday, mortgage rates shot higher again today, bringing them even further into the worst territory of the month.  In fact, apart from December 14th through 28th, today’s rates are the highest in more than 2 years.  Whether this is as dramatic as it sounds depends on your perspective.  While it’s true that rates are at 2017 highs, the range has been fairly narrow so far this year.  Specifically, rates have only risen about .125% since Tuesday’s 3-week lows.  That equates to roughly $21/month on a $300,000 loan.

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