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may rates

Mortgage rates are known to rise without much notice – if any!  From MND:

http://www.mortgagenewsdaily.com/consumer_rates/469946.aspx

Mortgage rates are having a rough couple of weeks.  Yesterday saw rates approach the previous 2015 highs set on March 6th.  Today’s rates moved slightly higher still, setting a new 2015 high.

The average lender is now quoting conventional 30yr fixed rates of 4.0% on top tier scenarios, though 3.875% is still available in some cases.  This is a substantial increase from the 3.625% rates seen just a few short weeks ago.

The last time rates spiked (June 2013), it spurred the market as buyers grabbed what they could while rates were still under 4%.  But now that prices are more than 10% higher, the impact might go the other way.

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