Mortgage rates moved higher today, but only a modest pace compared to yesterday (read more about yesterday’s rate rout HERE).  Over the past two days, the average rate quote for a top tier conventional 30yr fixed loan has risen by an eighth of a percent (.125%).  Yesterday accounts for essentially all of the move, making it one of only a handful of days with as much upward movement in the past few years. 

Is an eighth of a point a big deal?  Only you can answer that.  It comes out to about $7/month for every $100k in loan amount.  For some, it’s not a big deal, but for others it can make or break a transaction.  Either way, everyone can agree it would be a bigger deal if we were to see additional examples of similar spikes in the near future.

So will we?

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