"Mortgage Rates made an abrupt move higher today, leaving most lenders at their worst levels since early June. Recent momentum has carried rates in a weaker direction despite a relative lack of impetus from underlying market events. At first, this could be chalked up to low volume volatility, but volume surged today (yesterday too, to a smaller extent), and securities in rates markets hit levels not seen in months. All told, it was enough to move the Best-Execution rate decisively up to 3.625%.
This means that depending on your starting point in observing mortgage rates, you're definitely up at least an eighth of a point from any time in the last few weeks and in some cases, a quarter of a point.
...Clearly, the trend toward higher rates continued today and has stampeded through each instance of "potential resilience" in the past two weeks."
Aug 15 2012, 3:14PM
http://www.mortgagenewsdaily.com/consumer_rates/271026.aspx
Mortgage Rates Reach Two-Month Highs
"Mortgage Rates made an abrupt move higher today, leaving most lenders at their worst levels since early June. Recent momentum has carried rates in a weaker direction despite a relative lack of impetus from underlying market events. At first, this could be chalked up to low volume volatility, but volume surged today (yesterday too, to a smaller extent), and securities in rates markets hit levels not seen in months. All told, it was enough to move the Best-Execution rate decisively up to 3.625%.
This means that depending on your starting point in observing mortgage rates, you're definitely up at least an eighth of a point from any time in the last few weeks and in some cases, a quarter of a point.
...Clearly, the trend toward higher rates continued today and has stampeded through each instance of "potential resilience" in the past two weeks."
#housing