From Matthew Graham at Mortgage News Daily: Rates Rising at Fastest Pace in Months
Mortgage rates are coming off a rough week–the roughest, in fact, since June 2020 by some measures. That’s the last time rates rose this quickly for market-driven reasons. There were a few instances of bigger moves in Aug/Sept as the new refinance fee was announced, delayed, and ultimately implemented. Either way, things aren’t great right now, relatively speaking.
The “relative” qualification is important considering this abrupt move higher has yet to threaten to take the average top tier 30yr fixed quote above 3%–far from it, in fact. Most lenders can still offer 2.875% or better on refis and 2.625% or better on purchases. This assumes an ideal scenario with 20%+ equity, strong credit, etc.
• At 6:00 AM ET, NFIB Small Business Optimism Index for December.
• At 10:00 AM, Job Openings and Labor Turnover Survey for November from the BLS.