Mortgage interest rates were somewhat higher again today–the 4th day in a row that we’ve been forced to observe such mildly unpleasant things. Technically, this brings the average lender to the highest rates in more than a month, but it’s important to note how narrow the range has been and how mild the movement has been on most days. Even if we add up all of the weakness after rates hit their best recent levels at the beginning of the month, the average lender is only 0.125% away from those lows.
Reassuring caveats aside, it’s still important to keep in mind that rates are still best described as being in a mild uptrend over the past few weeks and in a more volatile uptrend since September. When it comes to planning on locking/floating rates, it makes more sense to be defensive (i.e. don’t assume rates will come back down until and unless they give us a clear indication that is what they’re doing).
Conclusion-Rates are “quite a bit” higher than the lowest of the lows that we have seen since they hit bottom. I would estimate about the difference to be about .5% higher which seriously is not really that much higher. Rates are also a “little bit higher” than where they were since we started talking about the rates going up or edging up. That difference is only .125% which truly is very little, but as it continues to inch up, it shows this ongoing trend of slight deterioration to the rate.