Mortgage ratesÃ‚Â moved sharply higherÃ‚Â today,Ã‚Â more than erasing yesterday’s improvement. Ã‚Â In fact, in one fell swoop, rates essentially moved from the bottom of 2017’s range to the top! Ã‚Â There are a few caveats though. Ã‚Â First, 2017’s range has been fairly narrow. Ã‚Â Beyond that, this is only the 3rd week of the year. Ã‚Â
As always, the notion of “abruptness” is subjective and relative. Ã‚Â In the bigger picture, rates are still in much better shape than late December levels. Ã‚Â In the more immediate picture, today’s losses would make for a big adjustment to yesterday’s quotes. Ã‚Â In some cases, borrowers might be looking at the next eighth of a percent higher in rate. Ã‚Â Several lenders have moved up to quoting top tier 30yr fixed rates of 4.25% whereas 4.125% had been the norm.