Weekly Mortgage Rate Report Archive Description http://www.mortgagenewsdaily.com/reports/weekly_mortgage_rates/archive 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 Mortgage Rates were flat all week, before getting destroyed on Friday . We clocked a sufficient rise to bump most borrowers up an eighth in rate, or significantly increase closing costs. The most prevalent rate quote for the best-qualified borrowers ends the current week moving up from 3.5 to 3.625% compared to last Friday when it rose from 3.375 to 3.5%. Lower rates were more damaged than higher rates (i.e. costs rose much quicker for 3.25% than they did at 3.625%) Here's How it Happened 5 weeks ago today, a much-weaker-than-expected Jobs report began a streak of prosperity for mortgage rates that took them well into 2013 lows . The streak ended last Friday, but wasn't truly obliterated until today. We're by no means back at the highs of 2013, but have been decidedly kicked out of the low http://www.mortgagenewsdaily.com/reports/weekly_mortgage_rates/2013/5/10/403 http://www.mortgagenewsdaily.com/reports/weekly_mortgage_rates/2013/5/10/403 Sat, 11 May 2013 02:50:21 GMT Mortgage rates continued moving lower to begin the week, extending their foray into new lows for 2013, but were dealt a severe blow by Friday's jobs report. This wiped out all the week's gains and then some, taking the average Best Execution rate definitively back to 3.5% for Conventional 30yr Fixed Loans after having moved down to 3.375% at the start of the week. Friday's movement finally answers questions that had been on the table for weeks. For the entire 2nd half of April, rates had flattened out in anticipation of the 3 significant days of data and events culminating in Friday's Employment Situation Report. Rates edged lower on Wednesday to the best levels since early December , and didn't give up much ground on Thursday, before Friday's sharp move higher. " All is not lost , but it's http://www.mortgagenewsdaily.com/reports/weekly_mortgage_rates/2013/5/3/391 http://www.mortgagenewsdaily.com/reports/weekly_mortgage_rates/2013/5/3/391 Fri, 03 May 2013 20:56:37 GMT Mortgage rates finally made a break from a narrow range that's persisted since April 15th. They'd edged up to the top of that range by Thursday, but then made their first authoritative move lower to end the week at the best levels of 2013. The Best Execution rate for Conventional 30yr Fixed Loans has been 3.5% with 3.375% not far off. Friday's improvements probably tip the scales in favor of 3.375% for some scenarios. Lower rates are available at most lenders and the costs associated with moving lower from 3.375% may make sense for some borrowers. "Since hitting their highest levels in more than 10 months last month, rates have improved or held steady--for the most part--for the past 7 weeks," according to Matthew Graham, Rates Strategist at Mortgage News Daily. "At the lows of the year, it http://www.mortgagenewsdaily.com/reports/weekly_mortgage_rates/2013/4/26/379 http://www.mortgagenewsdaily.com/reports/weekly_mortgage_rates/2013/4/26/379 Fri, 26 Apr 2013 20:10:39 GMT After rising last week, mortgage rates fell gently back to the lows from early this month. As of today, rates are as low as they've been since mid-January for most lenders, and not far from 2013's best levels. Best-Execution for conventional 30yr fxed loans (which is the most efficient combination of rate vs cost) fell to 3.5% at the beginning of the month after an extended stay at 3.625% and 3.75% over the previous 3 months. Last week threatened to reintroduce 3.625%, but this week's strength kept best-execution firmly rooted at 3.5%. "Even though rates moved up overall last week, Thursday and Friday provided some hope, and that's now been confirmed," according to Matthew Graham , Rates Strategist at Mortgage News Daily. "In a manner of speaking, the biggest move of the week occurred last http://www.mortgagenewsdaily.com/reports/weekly_mortgage_rates/2013/4/19/367 http://www.mortgagenewsdaily.com/reports/weekly_mortgage_rates/2013/4/19/367 Sat, 20 Apr 2013 00:16:45 GMT