Disappearing Jumbos; Rates Farther Into 2017 Highs; 1 Million Homes Back Above Waterline
Mortgage rates rose again today, bringing them further into the highest levels of the year. If there's anything redeeming about the move it's that it wasn't nearly as abrupt as yesterday. In fact, several lenders were fairly close to yesterday's offerings. The average lender is back up to 4.375% on top tier conventional 30yr fixed quotes. A few remain at 4.25% and some are already up to 4.5%. Bond markets (which underlie rate movement) are feeling pretty pessimistic right now, primarily due to the recent and rapid increase in Fed rate hike expectations. Beyond that, things like economic data have the potential to drive nails deeper into coffins. We saw stark evidence of that with Yesterday's ADP employment numbers (much stronger than expected) fueling speculation for a similarly strong performance
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