Mortgage rates moved considerably higher following another sell off in the mortgage-backed securities market yesterday. Since Monday, current coupon MBS prices have moved 200 basis points lower, consequently pushing the par 30 year fixed mortgage rate from 4.875% to 5.375% (in one week!!!). Prior to “Black Wednesday”, 30 year fixed rate mortgages were at 4.625%. So, in less than 2 weeks, mortgage rates have moved almost a full percentage point higher! Why? The market is betting that our...