Weekly Mortgage Rate Report Archive Description http://www.mortgagenewsdaily.com/reports/weekly_mortgage_rates/archive Mortgage rates experienced their first week of net improvement in more than two months. The gains were by no means substantial, but they do bring the 30yr Fixed best-execution rate back to 4.0% for the first time since May 30th. 4.125% currently still occupies some of that space due to the varied pace of lender rate sheet adjustments and the generally more stratified pricing strategies that have resulted from volatile underlying markets. "Last week's Employment Report as an exclamation point on a sentence that had already been written. In other words, the hope was that the data did nothing more than confirm the legitimacy of the previous 6 weeks of pain, without suggesting any more. The week just past was largely a waiting game for the week ahead, which contains the Fed policy statement, and http://www.mortgagenewsdaily.com/reports/weekly_mortgage_rates/2013/6/14/456 http://www.mortgagenewsdaily.com/reports/weekly_mortgage_rates/2013/6/14/456 Fri, 14 Jun 2013 22:46:27 GMT After the worst month for mortgage rates in 10yrs in May, weakness continued in the first week of June. By Friday, rates were at new 15-month highs with 30yr Fixed best-execution rising to 4.125% for the first time since March 2012. This extends the worst sustained losing streak in mortgage rates since 2003, but importantly, the pace of the weakness decelerated compared the the last two weeks. "Borrowers should know that pace of this rate spike is very real . Rates really are in the low 4's and the move up from 3.75% really did happen in the blink of an eye. Even when compared with historically brisk periods of rising rates, the past 6 weeks stand out against all but the ugliest precedent. "The silver lining--if there is one--may turn out to be that the Jobs Report at the end of the week acted http://www.mortgagenewsdaily.com/reports/weekly_mortgage_rates/2013/6/7/445 http://www.mortgagenewsdaily.com/reports/weekly_mortgage_rates/2013/6/7/445 Sat, 08 Jun 2013 01:05:32 GMT The holiday-shortened week proved to be catastrophic for mortgage rates . Tuesday saw rates move higher at their fastest pace in 10yrs. The previous best-execution rate of 3.75% vaulted completely past the next rate higher (3.875%), ending up 4.0%. To quantify the move, in order to obtain the same rate quoted last Friday, borrowing costs are 1-2% higher depending on the lender. This equates to $2-4k on a $200k loan. "The month of May 2013 will go down in history as one of the worst ever for interest rates in terms of the pace of movement (outright levels are still historically low, of course). 10yr yields rose almost half a percent and MBS lost more ground than in the worst 5 weeks of late 2010. The most frustrating thing for many onlookers is that there was no watershed event to stand trial http://www.mortgagenewsdaily.com/reports/weekly_mortgage_rates/2013/5/31/434 http://www.mortgagenewsdaily.com/reports/weekly_mortgage_rates/2013/5/31/434 Sat, 01 Jun 2013 00:14:35 GMT Mortgage rates finally leveled off on Friday, putting an end to their worst week since early March. When combined with the previous 3 weeks, however, it makes this month the worst since December 2010 in terms of how quickly rates have risen. Best-execution for Conventional 30yr Fixed loans rose to 3.75%, and is already close to 3.875%. As expected the week was dictated by Wednesday's FOMC Minutes and Bernanke's testimony before the Joint Economic Committee earlier that morning. The Minutes give a more detailed view of the meeting that concluded at the beginning of the month with the most recent FOMC Announcement. Markets have been increasingly concerned that the Fed might slightly decrease the amount of long-term bond buying, even if there's no immediate fear of it going away. "It's logical http://www.mortgagenewsdaily.com/reports/weekly_mortgage_rates/2013/5/24/425 http://www.mortgagenewsdaily.com/reports/weekly_mortgage_rates/2013/5/24/425 Fri, 24 May 2013 20:56:02 GMT Mortgage rates surged relentlessly higher on Friday, capping the third straight week of significant increases. The Best-Execution rate for Conventional 30yr Fixed Loans began and ended the week at 3.625% but the costs associated with that, and other rates were significantly higher. The week-over-week change in costs for 3.625% were just under three quarters of a point. Using a $200k loan as an example, closing costs would be roughly $1500 higher compared to last week (or lender credit lower by the same amount, depending on your scenario). "Not only was this week bad, but it's now part of an even worse month. Part of the reason for that is timing. Rates themselves were slightly higher in March. But after taking the whole month of April to drift to 2013 lows, the current spike higher didn't begin http://www.mortgagenewsdaily.com/reports/weekly_mortgage_rates/2013/5/17/414 http://www.mortgagenewsdaily.com/reports/weekly_mortgage_rates/2013/5/17/414 Fri, 17 May 2013 23:49:19 GMT