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Rates Bounce Higher; Normal Seasonal Stall in Sales; Millennial Homeownership Gap

Rates Bounce Higher; Normal Seasonal Stall in Sales; Millennial Homeownership Gap

Mortgage rates bounced higher today , after 2 solid days of improvement. In the bigger picture, rates are still closer to the lowest levels of the past month, but it's worth mentioning that the range is incredibly narrow over that time. Most lenders have been quoting either 3.375% or 3.5% on top tier conventional 30yr fixed scenarios. Today's increase acted to reject a potential break below the range as it wouldn't have taken much more improvement to see more 3.25% quotes showing up. Bottom line, we're back to waiting on the range to be broken. It could take weeks at the pace we're going, but would not likely take longer. Reason being: markets will almost certainly come away from Janet Yellen's August 26th speech at Jackson hole with a clearer sense of Fed rate hike potential heading into the
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