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Highest Mortgage Rates Since July ; Trends in Rentals; New Home Sales Miss Estimate; Applications Advance

Highest Mortgage Rates Since July ; Trends in Rentals; New Home Sales Miss Estimate; Applications Advance

Mortgage rates moved up for the second consecutive day, but in an uncommon way. Mortgage-backed-securities (MBS) are the financial instruments that mortgages ultimately 'become' when they're grouped together with other mortgages and sold to investors. While the MBS market can be a complex thing to understand and explain, here's a simple fact: when MBS prices rise, rates fall, and vice versa. Bigger moves in MBS result in bigger moves for mortgage rates. With all that in mind, today's move in MBS was fairly small--the sort of move that would normally result in an almost imperceptible increase in rates. It's somewhat surprising, then, to see that rates moved higher fairly abruptly. In fact, today's average rate quote is as bad as it's been since July! What's up with that?! First of all, keep
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