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Rates Jump Back Up to 4-Year Highs; Mortgage Apps Manage to Improve; Consumers Stoked About Housing?

Rates Jump Back Up to 4-Year Highs; Mortgage Apps Manage to Improve; Consumers Stoked About Housing?

Mortgage rates surged higher today, with most lenders ending up back in line with the 4-year highs seen on Friday afternoon. At issue--among other things--is the fact that the stock market has been unwilling to continue offering up a fresh supply of drama. Earlier in the week, that drama helped rates bounce lower in a way that bordered on optimistic. Even so, it didn't make much sense to get too hopeful, which is why we noted that any tactical opportunities to float one's rate had passed as of yesterday. There was actually some room for hope earlier this morning, but it didn't last long. Without ongoing stock losses, bonds (which dictate rates) just aren't interested in going against the prevailing momentum yet. A somewhat poorly-received Treasury auction in the afternoon kicked the weakness
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