Yield Shock Update: Home Mortgage Rates Soar To Seven-Year Highs

Mortgage rates were already operating fairly close to long-term highs, but today's move easily took them to new highs.  The average lender is now quoting conventional 30yr fixed rates of 5% for relatively ideal scenarios.  Those without a big down payment or without perfect credit/income can expect to see even higher rates.  Most lenders ended up recalling the morning's initial rate sheets and reissuing higher rates at least once today.

 

http://www.mortgagenewsdaily.com/consumer_rates/883067.aspx

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