Mortgage Rates Heading Higher Still

By Matthew Graham

Posted To: Mortgage Rate Watch

Mortgage rates resumed their recent trend higher today. Yesterday had been the first day since June 27th without noticeable weakness–raising some hope that the negative trend might be running out of steam. Although today’s jump isn’t as big as some recent examples, it nonetheless brings the average lender to the worst levels since May 11, 2017. The most prevalent conventional 30yr fixed quote is still 4.125% on top tier scenarios, but today’s closing costs would be slightly higher than yesterday’s. So what’s up with all the recent drama?! In a word: Europe. As we’ve witnessed time and again over the past 6-7 years, the bond markets (which dictate rates) of the world’s major economies are unavoidably interconnected. The correlations are far from absolute, but when one major bond market is experiencing…(read more)

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