Highest Mortgage Rates of The Week, Just Barely

Yesterday, we characterized the prevailing mortgage rate momentum as “broadly sideways,” and while that’s still very true in the bigger picture, words like “up” and “higher” might need to be sprinkled in this week.

For those with a glass-half-empty approach, today’s rates are the highest of the week and the highest since June 24th.  For the optimists (and, in our view, the pragmatists), today’s rates are virtually identical to those seen on Tuesday.  Specifically, our 30yr fixed rate index is only 0.01% higher today–the smallest possible change.

Motivation for movement in rates and in the underlying bond market was in short supply this week.  It would make more sense to view it as sort of hangover from last week’s party (multi-month lows last Tuesday) followed by a…