Smaller Homes Are No Mystery; Construction Spending Back in Black; Mortgage Rates Snap Back to Recent Highs
Mortgage rates moved higher today , reversing the improvement seen last Friday. The average lender is now back in line with their highest levels of the past few weeks, although that statement requires some qualification. During that time, mortgage rates have been in such a narrow range that we can only measure day-to-day changes in terms of upfront closing costs/credits. Actual interest rates haven't moved, but "effective rates" are back at recent highs. The net effect is that it would require several hundred additional dollars for every $100k financed in upfront costs to get the same interest rate. Part of the problem today--depending on your point of view--was exceptionally strong economic data. While it's good news for the economy, such data is generally bad for rates and today was no exception
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