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Rates Hit 1-Month Highs; New Loan Limits Already at Risk; Production Expenses Hurt Lender Profits

Rates Hit 1-Month Highs; New Loan Limits Already at Risk; Production Expenses Hurt Lender Profits

There are several news stories out today that reference LOWER rates this week. These all rely on stale survey data that failed to account for changes over the past 2 days. Mortgage rates actually continued higher today at the same quicker pace seen yesterday. Due to the relatively narrow range during November, rates are now in line with their highest levels in more than a month whereas they were at 2-week lows just 2 days ago. The average lender is now quoting conventional 30yr fixed rates of 4.0% on top tier scenarios, with a few outliers at 3.875% and 4.125%. A few days ago, 3.875% was nearly as prevalent. As we discussed yesterday, the potential tax bill has had a pretty consistent relationship with rates. To whatever extent it looks passable, rates have generally moved higher. Today was
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