Mortgage interest rates have been zig-zagging a bit since the beginning of the year, but may have just popped.
Mortgage News Daily reported a spike in rates on Monday afternoon.
"In the very best cases, some lenders are only .125% higher in rate. Other lenders are closer to 0.25% higher," Matthew Graham of Mortgage News Daily wrote. "The average conventional 30yr fixed rate is easily up and over 4.25% now, with lenders anywhere from 4.375 to 4.625% depending on the scenario."
Graham described three reasons for the jump in rates.
"Traders are protesting the stern attitudes among major central banks. High inflation remains intact. And now potential progress in peace talks is leading traders to sell bonds they recently bought in the process of seeking safe havens due to war-related uncertainty."
UrbanTurf surveyed a few lenders in the DC region who said that rates did go up yesterday, but that the increase wasn't huge. It will be interesting to see if any increase is reflected in the rates that Freddie Mac publishes this Thursday.
This article originally published at https://dc.urbanturf.com/articles/blog/mortgage-rates-may-be-about-to-pop/19390.
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