Mortgage Rates Highest in More Than 3 Weeks

Mortgage Rates Highest in More Than 3 Weeks

Mortgage rates continued higher to start the week, following a relatively sharp increase on Friday.  Interestingly enough, the underlying bond market was stable today.  In other words, it didn’t suggest higher rates.  But the issue is that mortgage lenders adjust their rate sheets only a few times on the most volatile days.  Many of them didn’t get around to it on Friday afternoon.  Those who did were greeted with another hour of bond market weakness before the week finally ended.

In other words, the underlying market was indeed suggesting we’d see mortgage rates roughly where they are today and lenders simply didn’t have an opportunity to adjust their rate sheets accordingly.   This brings the average lender to the highest levels seen since before the Fed’s rate-friendly announcement back on March 20th.

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Angela Agana
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When you work with me, you will find that attention to detail is one of my biggest strengths. I strongly believe in the "Golden Rule" of treating others as I would like to be treated. I first fell in love with Northern Virginia when my spouse was stationed here with the Air Force over a decade ago. During that time, I have raised three children, contributed to the local community, and became passionate in helping others with their major life changing events - buying and selling their home.
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