Construction Labor Shortage Pushing Home Prices; Rates Highest in a Month
Mortgage rates were slightly higher today, depending on the lender . Many lenders ended up raising rates last Friday afternoon as underlying bond markets weakened. The remaining lenders had more distance to cover in terms of getting caught up with market movements. The average lender is just slightly worse off. Unfortunately, that puts rates at the highest levels in more than a month. Whereas there was clear cause and effect behind Friday's rate spike, today has been relatively drama-free and movement free. This can be viewed positively or negatively. On the one hand, it's nice to see rates seemingly holding their ground here after Friday's spike. On the other hand, the fact that rates AREN'T doing more to recover suggests they're not too terribly opposed to feeling out these new, higher levels
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