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Top Still Not in For Rates; Buyers Looking, but Tough Market; Mortgage Apps Slide

Top Still Not in For Rates; Buyers Looking, but Tough Market; Mortgage Apps Slide

Mortgage rates had another rough day as they continued moving up into new 4-year highs. Unlike the extremely mild and uneventful day-to-day changes seen for most of the past 2 months, rates are actually putting some distance between themselves and the March plateau. Whereas a well-qualified borrower with 25% down may have been quoted a conventional 30yr fixed rate of 4.5% a few weeks ago, they'd already be looking at 4.75% today for most lenders. Of course this can vary a bit from lender to lender, but the point is that all lenders have experienced that sort of delta. Will it ever stop? Yo! I don't know! Actually I do know. The answer is yes, but I don't know when. Rates could (and SHOULD, if we're being honest) continue even higher from here . They may not do so in a straight line, but barring
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