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