April 25th, 2018
Mortgage rates had another rough day as they continued moving up into new 4-year highs. Unlike the extremely mild and uneventful day-to-day changes seen for most of the past 2 months, rates are actually putting some distance between themselves and the March plateau.
Whereas a well-qualified borrower with 25% down may have been quoted a conventional 30yr fixed rate of 4.5% a few weeks ago, they’d already be looking at 4.75% today for most lenders. Of course, this can vary a bit from lender to lender, but the point is that all lenders have experienced that sort of delta.
Will it ever stop? Yo! I don’t know! Actually, I do know. The answer is yes, but I don’t know when. Rates could (and SHOULD if we’re being honest) continue even higher from here. They may not do so in a straight line, but barring an unforeseen market shock, today’s rates aren’t the highest you’ll see in 2018.
Today’s Best-Execution Rates
|Conventional 30 Yr Fixed||4.69%||+0.05|
|Conventional 15 Yr Fixed||4.06%||+0.04|
|FHA 30 Year Fixed||4.50%||+0.05|
|Jumbo 30 Year Fixed||4.70%||+0.01|