Mortgage Rates Highest in More Than a Month

By Matthew Graham

Posted To: Mortgage Rate Watch

Mortgage rates surged again today as the underlying bond market continued to capitulate to selling pressure. Let’s talk about what that means in plain English! Capitulation in financial markets refers to investors on one side of a trade gradually becoming overwhelmed by the momentum on the other side. Since Wednesday, several developments began adding momentum to the “higher rates” side of the bond market trading environment. Individually, none of these factors necessarily spelled doom, but their combined effect has been more noticeable. Even then, we likely wouldn’t be seeing as big of a move were it not for the fact that rates have been moving in a narrower and narrower pattern. Such consolidation patterns often give way to breakouts that carry more momentum than average. It’s not unfair…(read more)

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