ML-Implode News - Mortgage Rates Surge Above 2-Year Highs (AT SPEEDS NOT SEEN IN 20 YEARS!)

``Mortgage ratesÂ spiked abruptlyÂ today, bringing them to the highest levels in well over 2 years. Â The average lender is now quoting conventional 30yr fixed rates of 4.25% on top tier scenarios with more than a few already up to 4.375%. Â You'd have to go back to the summer of 2014 to see a similar mortgage rate landscape. Â
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The pace of losses has only been seen 2 other times in the last 30 years (in 1987 and 1996). For the record, 2013's taper tantrum resulted in a bigger rate spike than we're seeing currently, but it took more than twice as long to play out... Some people may think its funny, but they are terribly wrong. When borrowing costs move higher, this much, this fast, it is toxic to many areas of the economy. Unfortunately it takes a while to surface

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Mortgage Rates Surge Above 2-Year Highs (AT SPEEDS NOT SEEN IN 20 YEARS!)