Monday, January 29, 2018

"Mortgage Rates Surge to Highest Levels in More Than 3 Years"

by Bill McBride on 1/29/2018 07:00:00 PM

From Matthew Graham at Mortgage News Daily: Mortgage Rates Surge to Highest Levels in More Than 3 Years

Mortgage rates are in trouble. This will come as no surprise to regular readers. For the past few weeks, rates made several successive runs up to the highest levels in more than 9 months. It was really only the spring of 2017 that stood in the way of rates being the highest since early 2014. After Friday marked another "highest in 9 months" day, it would only have taken a moderate movement to break into the "3+ year" territory. The move ended up being even bigger.

From a week and a half ago, most borrowers are now looking at another eighth of a percentage point higher in rate. In total, rates are up the better part of half a point since December 15th. [30YR FIXED - 4.375-4.5%]
emphasis added
Tuesday:
• At 9:00 AM ET, S&P/Case-Shiller House Price Index for November. The consensus is for a 6.4% year-over-year increase in the Comp 20 index for November.

• At 10:00 AM, Q4 Housing Vacancies and Homeownership from the Census Bureau.