Biggest 1-day mortgage rate spike in 2 years

Businesswoman touching futuristic house interface with graph
Businesswoman touching futuristic house interface with graph

By Matthew Graham | Mortgage News Daily

Mortgage rates were crushed today, moving higher at the fastest single-day pace since 2013. The average lender saw a full eighth point hike in 30yr fixed rates today, which roughly equates to 1 point in terms of upfront cost (1% of the loan amount). Movement of this magnitude is not common. There are only 14 other days in the past 5 years that have been this bad or worse.

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