"This Isn't A Drill" Mortgage Rates Hit Highest Level Since May 2014
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Title : "This Isn't A Drill" Mortgage Rates Hit Highest Level Since May 2014
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Title : "This Isn't A Drill" Mortgage Rates Hit Highest Level Since May 2014
link : "This Isn't A Drill" Mortgage Rates Hit Highest Level Since May 2014
news-today.world | A housing bust may be just around the corner. Rates have climbed to a level last seen in May of 2014.
The chart does not quite show what MND headline says but the difference is a just a few basis points. I suspect rates inched lower just after the article came out.
For the past few weeks, rates made several successive runs up to the highest levels in more than 9 months. It was really only the spring of 2017 that stood in the way of rates being the highest since early 2014. After Friday marked another "highest in 9 months" day, it would only have taken a moderate movement to break into the "3+ year" territory. The move ended up being even bigger.
From a week and a half ago, most borrowers are now looking at another eighth of a percentage point higher in rate. In total, rates are up the better part of half a point since December 15th. This marks the only time rates have risen this much without having been at long term lows in the past year. For example, late 2010, mid-2013, mid-2015, and late 2016 all saw sharper increases in rates overall, but each of those moves happened only 1-3 months after a long term rate low.
Not a Drill
So far this month, MBS have stunningly dropped over 200 bps, which easily translates into a .5% or more increase in rates. I've been shouting "lock early" for quite a while, and this is precisely why, This isn't a drill, or a momentary rate upturn. It's likely the end of a decade+ long bull bond market. LOCK EARLY. -Ted Rood, Senior Originator
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The chart does not quite show what MND headline says but the difference is a just a few basis points. I suspect rates inched lower just after the article came out.
For the past few weeks, rates made several successive runs up to the highest levels in more than 9 months. It was really only the spring of 2017 that stood in the way of rates being the highest since early 2014. After Friday marked another "highest in 9 months" day, it would only have taken a moderate movement to break into the "3+ year" territory. The move ended up being even bigger.
From a week and a half ago, most borrowers are now looking at another eighth of a percentage point higher in rate. In total, rates are up the better part of half a point since December 15th. This marks the only time rates have risen this much without having been at long term lows in the past year. For example, late 2010, mid-2013, mid-2015, and late 2016 all saw sharper increases in rates overall, but each of those moves happened only 1-3 months after a long term rate low.
Not a Drill
So far this month, MBS have stunningly dropped over 200 bps, which easily translates into a .5% or more increase in rates. I've been shouting "lock early" for quite a while, and this is precisely why, This isn't a drill, or a momentary rate upturn. It's likely the end of a decade+ long bull bond market. LOCK EARLY. -Ted Rood, Senior Originator
More
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You are now reading the article "This Isn't A Drill" Mortgage Rates Hit Highest Level Since May 2014 With link address https://newstoday-ok.blogspot.com/2018/02/this-isnt-drill-mortgage-rates-hit.html