Why Markets Are Making Mortgage Rates More Volatile

Mortgage Professional America–David Kitai March 4, 2021
In the past few weeks, markets have steadily driven mortgage rates up. Last week the 30-year fixed rate experienced its largest single-week rise in nearly a year, jumping to 3.23%. Refinance volume has come down too, with this week’s weekly mortgage application survey from the MBA showing refis dropping to 67.5% of total applications, down from 68.5% the week before. All this movement has been driven by the markets, with no change in the Fed’s key rates. (MBA mention)