Mortgage Rates

Mortgage rates jumped significantly higher today, bringing mortgage loans to highest levels of 2015.  The most prevalently-quoted conventional 30yr fixed rate for top tier scenarios had briefly made it back to 3.875% at the end of last week.  While a few of the most aggressive lenders remain at 3.875% most are now easily back up to 4.0%, and some are already up to 4.125%.  Today's loan rate sheets are similar to the other weakest days of the year on May 13th, May 6th, and March 6th. 
The underlying market volatility driving today's move can be considered an opening act for the big show that begins tomorrow and runs through Friday.  Unlike those days where we can point to obvious sources for market movement, today's move is most readily explained by the domestic market's relationship with European markets where economic data and headlines concerning a potential Greek debt deal caused European rates to jump.  (The more it looks like Greece will get some sort of 'deal,' the higher rates go in the stable countries, and it's those countries that have the most direct effect on US rates).

So do we lock? Do we wait?

European influences notwithstanding, financial markets could simply be taking defensive positions ahead of the big ticket events.  As we discussed yesterday, it's a high volatility environment.  Risk outweighs reward when it comes to locking or floating here.

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