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"Mortgage Rates Explode Higher"

by Calculated Risk on 3/14/2022 04:37:00 PM

From Matthew Graham at MortgageNewsDaily: Mortgage Rates Explode Higher. Anything Quoted Before Right Now is LONG Gone

If you received a mortgage rate quote any time in the past few days or weeks, unless it was at the end of the business day on Monday, March 14th, you’re looking at a relic of a bygone era. Print it out and hang it up in the halls of Woulda, Shoulda, Coulda. …

In the very best cases, some lenders are only .125% higher in rate (to put that in perspective, few individual days see bigger moves). Other lenders are closer to 0.25% higher. That puts today in a league with fewer than 10 players over the past decade. The average conventional 30yr fixed rate is easily up and over 4.25% now, with lenders anywhere from 4.375 to 4.625% depending on the scenario.

Click on graph for larger image.

This is a graph from Mortgage News Daily (MND) showing 30-year fixed rates from three sources (MND, MBA, Freddie Mac) since 2010.

The 30-year fixed rate for top tier scenarios was 4.38% today, up from 4.29% on Friday.
This is the highest rate since March 2019.

Go to MND and you can adjust the graph for different time periods.

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