Mortgage rates skyrocket
Well the week has ended on a very down note for mortgage rates. I watched the market drop well over 150 bps in the last 3 days alone. This will put rates at their highest point since August of last year. Prior to that rates were this high in August of the prior year.
This year has been a rollercoaster of sorts for rates. Going up and down almost on a weekly basis. Most recently on news from the Fed Chariman Bernanke on concerns of inflation, energy, food, and credit and stock market rallies, we have seen rate go up as money flows from bonds to stocks.
Sit tight and you could be in for higher rates in the coming weeks, as earlier in the week you could get a 30 year fixed around 6%, and now more like 6.375% for the 30 year.