Rates Surge Into High 3’s; CFPB Hits Servicer Over ‘Loan Mod Purgatory’; September Off Table for Rate Hike?

Rates Surge Into High 3’s; CFPB Hits Servicer Over ‘Loan Mod Purgatory’; September Off Table for Rate Hike?

Get out your calendar. Flip, swipe, or glance back at May 29th. That's where we have to go to see mortgage rates any lower than they are today. After a delightful, but incredibly boring streak of mostly good days, rates finally swung for the fences. Actually, that might be a bit of a stretch depending on your perspective, but consider the following. Mortgage rates tend to be broken up in .125% increments. For the past several weeks (or more, depending on the lender), rates haven't moved enough for the actual interest rate to change. Instead, the upfront costs act like fine-tuning adjustments for any given rate. In other words, you might be quoted 4.125% on two different days, but with $1000 origination one day and only $500 the next. The rate is the same, but paying less for it means the effective