April 24, 2018
Mortgage rates moved somewhat higher again today, thus pushing them farther into the highest levels in more than 4 years. This isn’t the result of anything that happened today, but rather an ongoing process whereby the bond market (which underlies rates) is coming to terms with big-picture, long-term headwinds mentioned in the bullet points at the bottom of this article.
Whereas rates had leveled off and even improved somewhat during March and early April, they’ve quickly shown more volatile colors. Borrowers are definitely seeing rates that are an eighth of a point higher from last week and, in many cases, a quarter of a percentage point higher than 2018’s best levels.
Tomorrow brings several flashpoints that keep the volatility potential high. These include the 1st report on Q1 GDP, and important Treasury auction (which acts as a gauge of investor demand for bonds), and the biggest day of this “earnings season” (more of a factor for stocks, but stock trading can occasionally spill over and affect bonds/rates).
Today’s Best-Execution Rates
|Conventional 30 Yr Fixed||4.64%||+0.03|
|Conventional 15 Yr Fixed||4.02%||+0.03|
|FHA 30 Year Fixed||4.45%||+0.02|
|Jumbo 30 Year Fixed||4.69%||+0.04|