Posted To: Mortgage Rate WatchIng all my years of following mortgage rates I haven’t seen anything quite like the current environment.
2008 came fairly close, but the vibe was decidedly different. Rates were far from all-time lows back then. When they move to the lowest levels in a long time in May 2009, there was indeed a scary correction, but it lasted one day and then began to heal. There was an even scarier move in late 2010, which was substantially similar to this past week in scope, but it followed 4-5 previous weeks of steadily higher rates.
By comparison, this week–the one that began with rates at all-time lows for many lenders–was a total blindside. The following chart shows the bonds that underlie mortgage rates. Each candlestick represents one day of trading. The bigger and redder the candlesticks, the more…
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