Mortgage Rates Officially Highest Since November
We've had to use words like "effectively" or "nearly" in the past few weeks to refer to mortgage rates ' proximity to the highest levels since November 2022. As of today, it's official. The average lender is quoting top tier 30yr fixed scenarios at the highest rates since November 7th.
In both cases, borrowers would be seeing quotes around 7.25% since rates tend to be offered in increments of 0.125%. The only time they were higher in recent memory was the 7.375% range seen on October 20th, 2022. Before that, you'd have to go back more than 20 years to see anything higher.
Is this the end of the world? Not really. It's certainly not as fun or easy for prospective borrowers as rates in the 5% range, but 7%+ rates are definitely not "new" anymore. Those who need to buy or refi
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