Mortgage Rates Near 23 Year Highs. Is There Any Hope?
Interest rates of all types have been under immense pressure since the beginning of 2022. This resulted in the the highest mortgage rates in more than 2 decades in November of the same year. A decent recovery followed, leading the average 30yr rate from the mid 7's back to 6% by January, but rates have been grinding higher in a volatility pattern ever since then.
As of today, many lenders are back in line with the high rates briefly seen at the beginning of last month. Those rates are only a hair lower than those seen at the November 2022 peak.
We're fond of framing a mortgage rate index in the proper context. It is a number that is best used to measure day over day changes relative to to points of reference in the past. In other words, it's less important that our index
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