Mortgage Rates Continue Higher Into The 6's

Mortgage Rates Close In On 6 Percent Bankrate

Yes, mortgage rates rose over 6% yesterday for the first time since 2008. Yesterday's report got to the heart of the matter (be sure to read it here if you haven't already). Today it was just an addition to the comparison, but the ugly figures rose even more at 6%.

The average lender offers 30-year fixed rates ranging from 6.25% to 6.375%, but as we discussed yesterday, repaying the rate is cheaper than usual. This means prices are still listed at the 5 highs, but these quotes result in a higher upfront cost (“in pips”).

As for dates or events, no new market players were involved. One could argue that this morning's producer-level inflation data wasn't entirely encouraging compared to last Friday's consumer-level data, but rates were likely doomed from the start before the Fed announced tomorrow it would be on the defensive.

Ultimately, the fate of the current trend will be decided by the Fed tomorrow, at least in the short term. There are many ways the Fed can surprise the market, but it's worth noting that some of these surprises can also be good for interest rates. In any case, expect high volatility from 14:00 tomorrow.

NOTE: For those of you new to this site, or if you're unsure whether to believe these numbers, weekly data from Freddie Mac recently set the 30-year old at 5.23%. Freddy's numbers are based on polls and this poll only accepts responses Monday through Wednesday. Based on previous comparisons, Monday's mortgage rates are better represented in Freddie's survey than any other day, so it's basically like Monday's rate using our numbers and then around the "pips" that Freddie used to calculate. Our bet may even be higher than Freddie's, which is currently cheaper than usual, to remind you to buy a point bet. However, expect Freddy's numbers to skyrocket when they come out in 2 days.

The Fed Just Raised Rates (Because I'm Buying Now)

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