Mortgage Rates Continue Higher Into The 6's
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 ...