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Mortgage Rates Skyrocket to 4%. New Normal?; Rising Rates’ Impact on Fed Bond Buying

Mortgage Rates Skyrocket to 4%. New Normal?; Rising Rates’ Impact on Fed Bond Buying

It's been a long time since anyone could say that top tier conventional conforming 30yr fixed mortgage rates were at 4% . Indeed, even last Monday, the thought of 4% rates would border on preposterous. But what a difference a week makes! Over the past 3 days, rates have moved higher at a pace that's only matched by the worst 3 consecutive days of the mid 2013 taper tantrum. There were several days in 1987 were rates moved higher more quickly on an outright basis, but the more recent spikes have constituted much larger proportions of respective ranges. In both cases (1987 and 2013), the recent major highs in rates occurred 6 years early. Simply put, the 2013 rate spike traversed more of its 6-year range than the 1987 spike, and the past 3 days have matched 2013's pace. Granted, by the time we
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