{"id":30324,"date":"2018-01-30T08:16:51","date_gmt":"2018-01-30T13:16:51","guid":{"rendered":"http:\/\/olduvai.ca\/?p=30324"},"modified":"2018-01-30T08:16:51","modified_gmt":"2018-01-30T13:16:51","slug":"this-isnt-a-drill-mortgage-rates-hit-highest-level-since-may-2014","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=30324","title":{"rendered":"“This Isn’t a Drill” Mortgage Rates Hit Highest Level Since May 2014"},"content":{"rendered":"
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“This Isn’t a Drill” Mortgage Rates Hit Highest Level Since May 2014<\/h3>\n<\/div>\n
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A housing bust may be just around the corner. Rates have climbed to a level last seen in May of 2014.<\/p>\n<\/section>\n<\/div>\n<\/header>\n
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Mortgage News Daily reports Mortgage Rates Surge to Highest Levels in More Than 3 Years<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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The chart does not quite show what MND headline says but the difference is a just a few basis points. I suspect rates inched lower just after the article came out.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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For the past few weeks, rates made several successive runs up to the highest levels in more than 9 months. It was really only the spring of 2017 that stood in the way of rates being the highest since early 2014. After Friday marked another “highest in 9 months” day, it would only have taken a moderate movement to break into the “3+ year” territory. The move ended up being even bigger.<\/p>\n

From a week and a half ago, most borrowers are now looking at another eighth of a percentage point higher in rate. In total, rates are up the better part of half a point since December 15th. This marks the only time rates have risen this much without having been at long term lows in the past year. For example, late 2010, mid-2013, mid-2015, and late 2016 all saw sharper increases in rates overall, but each of those moves happened only 1-3 months after a long term rate low.<\/p><\/blockquote>\n<\/div>\n<\/div>\n<\/div>\n

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Not a Drill<\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n

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So far this month, MBS have stunningly dropped over 200 bps, which easily translates into a .5% or more increase in rates. I’ve been shouting “lock early” for quite a while, and this is precisely why, This isn’t a drill, or a momentary rate upturn. It’s likely the end of a decade+ long bull bond market. LOCK EARLY. -Ted Rood, Senior Originator<\/p><\/blockquote>\n<\/div>\n<\/div>\n<\/div>\n

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Housing Bust Coming<\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n

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Drill or not, if rising rates stick, they are bound to have a negative impact on home buying.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n","protected":false},"excerpt":{"rendered":"

“This Isn’t a Drill” Mortgage Rates Hit Highest Level Since May 2014 A housing bust may be just around the corner. Rates have climbed to a level last seen in May of 2014. Mortgage News Daily reports Mortgage Rates Surge to Highest Levels in More Than 3 Years. The chart does not quite show what […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[2340,431,14648,13390,4869],"class_list":["post-30324","post","type-post","status-publish","format-standard","hentry","category-economics","tag-housing-market","tag-interest-rates","tag-michael-shedlock","tag-mishtalk","tag-mortgage-rates"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/30324","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=30324"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/30324\/revisions"}],"predecessor-version":[{"id":30325,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/30324\/revisions\/30325"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=30324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=30324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=30324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}