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Biggest Jump in 2 Months For Mortgage Rates

Posted To: Mortgage Rate Watch

With most lenders still easily able to quote a 30yr fixed under 3% , mortgage rates are very low in outright terms. But relative to the recent trend and the general level of volatility, today was a bit rough. Rates rose as fast as they’ve risen since early June, ultimately hitting the highest levels in more than 2 weeks. Some prospective borrowers will now be looking at an eighth of a point (0.125%) increase versus yesterday’s rates. That comes out to roughly $20/month on a $300k mortgage. Others will experience the shift in the form of higher upfront costs (or a lower lender credit). Either way, today is noticeably more expensive than yesterday. The bigger question is whether this rate spike is a sign of things to come or merely a normal market correction that got a bit carried away. At some…(read more)

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