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Rates Highest in Nearly a Month; January’s Home Price Surge; Residential Spending Lags

Rates Highest in Nearly a Month; January’s Home Price Surge; Residential Spending Lags

Mortgage rates moved quickly higher today, bringing them to levels not seen since early February. It continues to be the case that context is important when discussing rate movement during that time. In fact, early February was approximately when rates leveled-off after a strong move lower to begin 2016. Everything has transpired in a range between the rates seen on February 5th and February 11th. This range has been narrow enough that all but a few days during the past month have seen contract interest rates at the same level. That means that the mortgage rate used to determine payments (aka the "note rate" or "contract rate") has been the same while the upfront costs or credits have varied. Those upfront costs affect the "effective rate." In other words, in a case where the note rate is 3
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