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Rates MUCH Higher This Week; Silver Linings; Mtg Apps Slide; Builder Confidence Steady

Rates MUCH Higher This Week; Silver Linings; Mtg Apps Slide; Builder Confidence Steady

Volatility has returned to the mortgage market in grand fashion this week with many lenders quoting rates that are as much as a quarter of a point higher than they were last week. That means if you were looking at something in the 2.75% neighborhood on Friday, it could be 3.0% today. What gives? The upward pressure is nothing new , really. It has existed in the broader bond market since August, but only recently began spilling over to the mortgage market. We've been discussing the increased risks of such a spillover in the event of a sharper bond market move and yesterday brought just such a move. Today was much more docile by comparison, but it didn't do anything heroic to push back against yesterday's weakness. Still, there could be some promise of stability in the fact that the bond market
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