Wednesday, April 03, 2019

"Low Mortgage Rates Had a Big Impact, But Now They're Moving Back Up"

by Calculated Risk on 4/03/2019 04:47:00 PM

From Matthew Graham at Mortgage News Daily: Super Low Rates Had a Big Impact, But Now They're Moving Back Up

Mortgage rates resumed a week-long move higher today, bringing them to the highest levels since March 19th or 20th, depending on the lender. Between now and then, they'd fallen abruptly to the best levels in more than 15 months. The improvements were meaningful enough to draw out refinance applicants in droves according to weekly mortgage app data released by the Mortgage Bankers Association (MBA) this morning.

Over the past few days, depending on the lender and scenario, a 30-yr fixed rate quote could be as much as a quarter of a percentage point (0.25%) higher. This would increase the payment on a $300,000 loan by $43/month. [30YR FIXED - 4.125-4.375%]
CR Note: The decline in mortgage rates - from around 5% to just over 4% - really boosted refinance activity in the weekly MBA survey, and also helped with purchase activity.