Over the past 7 trading days, Mortgage rates were wounded with 2 of the largest one-day spikes in over 2 years. Rates rose last week with average rates a 30-year fixed rate mortgage rising from last week’s 3.35 percent to 3.42 percent with buyers paying all closing costs and 0.7 percent in discount points.
We are in a definite “locking” bias at the moment. As I am publishing this blog, rates are still trending worse this Monday morning. Read the rest of this entry »