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Mortgage Rates Surge Above 2-Year Highs; Lackluster Construction Spending

Mortgage Rates Surge Above 2-Year Highs; Lackluster Construction Spending

Mortgage rates spiked abruptly today, bringing them to the highest levels in well over 2 years . The average lender is now quoting conventional 30yr fixed rates of 4.25% on top tier scenarios with more than a few already up to 4.375%. You'd have to go back to the summer of 2014 to see a similar mortgage rate landscape. (NOTE: Freddie Mac's widely-cited primary mortgage market survey, released today, showed a 0.05% increase week-over-week. That increase is actually fairly close to the true week-over-week increase, but only if you're using last Wednesday or Friday as your baseline. Freddie's baseline was Mon/Tue--shorter than normal due to the holiday week. Additionally, Freddie's survey doesn't capture today's rate spike, which was roughly 0.10%. The bottom line is that many borrowers will be
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