Mortgage Rates Continue Pushing Recent Highs

Mortgage Rates Continue Pushing Recent Highs

Mortgage rates moved slightly higher again today, pushing farther into the highest territory since late January. Today's move wasn't that big, in and of itself. The problem is the frequency with which these moves higher are occurring. In fact, rates have only moved lower on one occasion this month.

In outright, historical terms, things could still be much worse. The most prevalently-quoted conventional 30yr fixed rates remain in the high 3's, with most lenders quoting either 3.75 or 3.75% on top tier scenarios. Even in relative terms, that's not too much higher than the 3.5% to 3.625% range that was available in mid February. The problem is the pervasive trend in an unfriendly direction. Until and unless that trend is defeated, it makes more sense to plan on it continuing as opposed to hoping it ends.