Mortgage Rates Higher on Average; Construction Spending’s 1st Win in 3 Months; Hurricane Mortgage Losses

Mortgage Rates Higher on Average; Construction Spending’s 1st Win in 3 Months; Hurricane Mortgage Losses

Mortgage rates were lower today for a few lenders, but higher for most others, dragging the average 0.01% higher in terms of effective rates. Note rates (which don't factor in the upfront costs associated with a loan quote), on the other hand, haven't changed much in recent days, with 4.0% being the most prevalent for top tier 30yr fixed scenarios. Momentum has generally been negative for rates since the weekend of Hurricane Irma. Markets had priced in quite a bit of risk at the time (typically involves stock prices and rates moving lower), not only due to the Hurricane, but also North Korea-related uncertainty. When Irma proved to be slightly less catastrophic than forecast, and when the weekend passed without a major nuclear test from North Korea, financial markets embarked on a correction