Rates Approach 3-Year Highs Ahead of Fed; Jobs vs Rates; Zillow, RESPA and CFPB in Spotlight
Mortgage rates rose for the 10th time in the past 11 days today, bringing them very close to highest levels in 3 years. You'd have to go back to April 30th, 2014 to see the average lender offering higher rates. The most common conventional 30yr fixed quote is easily up to 4.375% on top tier scenarios with a growing number of lenders moving up to 4.5%. Despite that gloomy assessment, there were no new major developments causing bond markets to weaken (weaker bond markets imply lower bond prices and higher rates). Rather, this has simply been the trend since late February when several Fed speakers made comments intended to " convince " financial markets that the Fed was intent on hiking the Fed Funds Rate this week. The Fed Funds Rate is an "overnight" rate--the shortest possible term used by
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