At this point “high rates” are old news. We were already close to hitting the highest levels in more than 20 years last week, so it wasn’t a huge surprise to achieve that dubious distinction this Thursday. Some sources see the record-breaking rate at just over 7% for a 30yr fixed while others are over 7.5%. Both are accurate and we’ll explain why.
Source: Kevin Litwicki MBSLIVE
How Multi-Decade Highs Are Changing The Way Mortgage Rates Are Quoted

This was supposed to be the week where a key inflation report would cast a vote on the fate of interest rate momentum. The vote was ostensibly friendly but rates surged higher anyway. What gives?
Source: Kevin Litwicki MBSLIVE
Rates Are Officially Breaking The Rules, But Why?

Source: Kevin Litwicki MBSLIVE
Mortgage Rates Near 23 Year Highs. Is There Any Hope?

It’s no mystery that the housing and mortgage markets are facing their fair share of headwinds in 2023, but some blow harder than others.
Source: Kevin Litwicki MBSLIVE
Mortgage Rates and Housing Didn't Care About This Week's Fed Rate Hike

Inventory! That’s been a buzzword for the housing market for more than a decade, but it’s been especially prevalent in 2023 as the excuse for slower home sales.
Source: Kevin Litwicki MBSLIVE
Slow Housing Market's Questionable Excuse (And a Much Better Alternative)

Mortgage rates spiked abruptly last week after several economic reports showed the economy doing better than expected. Now this week, key inflation data showed prices falling faster than expected. Rates responded with a full recovery.
Source: Kevin Litwicki MBSLIVE
Rates Recover Rapidly After Inflation Data

Until a few weeks ago, it looked like we might have seen the last of 7% mortgage rates, but the last 2 weeks have been brutal.
Source: Kevin Litwicki MBSLIVE
Mortgage Rates Back Over 7% as Markets Digest Economic Data

Mortgage rates have been hovering in the high 6’s for weeks, but they broke above 7% on Thursday. At the same time, multiple news outlets reported a 30yr fixed rate of 6.71%. Who’s lying?
Source: Kevin Litwicki MBSLIVE
Mortgage Rates Jumped Over 7% This Week, Even if You Heard They Were 6.71%

A majority of the housing market data on any given month tends to come out mostly on the same week. This was that week and the takeaway was that the housing market could be doing worse. Some might even argue that we’re seeing some resilience relative to the rate landscape.
Source: Kevin Litwicki MBSLIVE
Resilience in The Housing Market as Powell Sees More Hikes Ahead

Rates may not be as high as they were several months ago or as low as they were 5 weeks ago, but they’re close enough to either boundary that the threat (or promise) of returning is palpable. For at least the past 2 weeks, we’d been waiting for this week’s events to give us some sort of push higher or lower, but it looks like the waiting will continue.
Source: Kevin Litwicki MBSLIVE
This Week's Hotly Anticipated Events Completely Failed to Break The Stalemate