Mortgage Rates Back Near Long-Term Highs

Mortgage Rates Back Near Long-Term Highs

The average didn't quite make it back to the multidecade highs seen last week, but the average borrower would see little--if any--difference in today's rate quotes.  This represents a fairly big jump up from Friday (which saw a nice correction down from Thursday's highs). There are a few culprits--some specific, some general.  One specific culprit was the market's reaction to the stop-gap bill that averted the government shutdown. Another specific and more obvious culprit was the stronger-than-expected outcome in today's important manufacturing data.  Until that came out, the bond market (which dictates interest rates ) looked poised to hold sideways with only moderate losses. Then there's the general motivation that drones on in the background.  This is the "higher for longer" rat