Mortgage Rates Jump Back Above 7%

Last Thursday and Friday offered some hope that the persistent move to higher rates was finally leveling off.  It wasn't necessarily a rational hope, but if nothing else, it was "nice" to see the average 30yr fixed move back below 7%.  Even then, we cautioned against viewing the recovery as indicative of ongoing success.  Now today, we see why. Bonds (which dictate rates) have moved swiftly back into the weaker territory that precipitated the move over 7% in mortgage rates .  As such, it's no surprise to see the average lender easily back into the 7s.  For context, rates were as high as 7.5% in April and 8.0% at their long-term peak roughly a year ago. As for motivations, the market continues to work through election-related volatility.  That involves a complex set of consideration