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Rates Highest in 2 Weeks; Don’t Blame Inventory for All Housing Woes

Rates Highest in 2 Weeks; Don’t Blame Inventory for All Housing Woes

Mortgage rates remained under pressure today, moving up to the highest levels in two weeks. Financial markets are in the process of undoing some of their defensive maneuvers ahead of this week's referendum vote on the U.K. exiting the European Union (informally known as "Brexit"). Until last Friday, those maneuvers resulted in rates moving lower, because investors were buying bonds to protect against the risk of the U.K. leaving the EU. But as sentiment has shifted regarding the probable outcome of the referendum, rates moved higher. Once again, mortgage rates haven't been moving as much as US Treasuries. In fact, quoted rates will likely be the same as yesterday's in most cases, with the only difference being slightly higher upfront costs. That could change though. One of the reasons rates
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