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Mortgage Rates Jolted Higher, Relatively; Harvey Losses Could Top Katrina’s-Mortgage Monitor

Mortgage Rates Jolted Higher, Relatively; Harvey Losses Could Top Katrina’s-Mortgage Monitor

Mortgage rates finally had a bad day , but everything's relative. This sort of bad day leaves the average lender quoting rates that would have been the best of 2017 any other time before last week. It's only when compared to last week that we'd consider them to be moderately higher. How much higher are we talking about? Let's put it this way : most borrowers will still be quoted the same interest rates seen on Friday with the weakness being seen in the form of slightly higher upfront costs. In the worst cases, the cost change could be just over 0.3% of the loan amount, or $300 for every $100,000 borrowed. The alternative would be to move up an eighth of a point in rate and pay lower upfront costs (or potentially get a lender credit, depending on the scenario). As far as the motivation for the
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