Rates Higher for 6th Straight Day; Freddie Preparing Owners for HAMP Resets; Agency Changes and Investor Reactions
Mortgage rates continued pressing into the highest levels since July --themselves the highest levels of the year. In just over a week, the most frequently quoted conventional 30yr fixed rate has moved from 3.75 to a range of 4.0-4.125%. Most lenders are quoting the same contract rates as Friday, with the weakness instead seen in the form of higher upfront costs. What's with all the drama? In a word: the Fed. There had been some remaining disagreement about when the Fed was most likely to begin raising rates after nearly 7 years of the record low 0-.25% target. Last Friday's jobs report helped get everyone on the same page. Unfortunately, the consensus is that the hike is all the more likely. While mortgage rates are not directly linked to the Fed Funds Rate, most interest rates tend to rise
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