Mortgage Rate Pain on Par With Taper Tantrum

Posted To: Mortgage Rate Watch

Mortgage Rates continued a relentless move higher today, as financial markets continue rapidly adjusting the price of new realities (more on that in a moment). The average 30yr fixed rate quote surged another eighth of a point today (a huge move, relative to the average 24 hours), bringing the 2-day total to 0.25%. That’s nearly unheard of in modern economic history. (NOTE: There are several articles floating around today that say rates have only risen 0.03% week-over-week. These are based on Freddie Mac’s weekly survey which has not yet captured the volatility of the past 2 days, due to its sampling methodology). The last time rates moved a quarter point higher in 2 days was during the throes of the taper tantrum in mid-2013. Incidentally, the following 2 days also saw a quarter point spike…(read more)

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