Mortgage rates have had a far worse week than than you’ve been told anywhere else, and today was even more freakishly destructive than the previous two days.
Taken together, this is the worst week for mortgage rates we have on record.
Today is one of two times in the past 10yrs where the average borrowing rate for top tier scenarios moved up by at least a quarter of a point.
A quarter of a point may not sound like much, but in terms of day-to-day movements in 30yr fixed mortgage rates, it’s catastrophic. That leaves best-execution at a stomach-churning 4.625% today.