Mortgage Rates Spike, Erasing 4 Days of Gains

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Posted To: Mortgage Rate Watch

Mortgage rates had been walking a slow, steady path of improvement since hitting 8 month highs on June 10th. From then on, there were only 2 days where rates did NOT improve. As of last Friday, the average conventional 30yr fixed rate quote for top tier scenarios was as close to 4% as it has been since the beginning of the month. Today's spike brings the average solidly back in favor of 4.125%. There are several ways to view and understand this weakness. First of all, 2015 is simply a more volatile time for interest rates, and that's not expected to change any time soon. More specifically, Friday marked 3-week lows. That's a pretty good run for a high-volatility environment that's mainly seen rising rates for 2 months, and it's the reason I noted on Friday that rates were still technically...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/481485.aspx

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