Mortgage Rates Are Basically Back to 9-Month Highs
For all intents and purposes, the average 30yr fixed rate at the average lender is as high as it's been since November 2022. The number itself as far as we see it is 7.10 which means most lenders are quoting 7.125% after adjusting for discount points (or just "points" for short).
For example, a borrower could opt to pay just over 1% of the loan balance upfront in order to drop the rate to 6.625%. Some lenders are quoting 6.625% with that extra upfront cost. Others are quoting 7.125% without the extra cost.
The upward momentum in rates didn't draw on any specific news or developments today. Rather, markets are bracing for impact from upcoming economic data as well as tomorrow's announcement of the latest borrowing amounts from the US Treasury.
Treasury issuance matters bec
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