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Mortgage Rates Rise; Highest Since Shutdown

Mortgage rates rose briskly today, bringing them to their highest levels since the worst few days of the government shutdown nearly 3 weeks ago.  Several lenders were only minimally worse at first this morning, but most released revised rates in the early afternoon.  Some borrowers may be looking at a 1/8th increase in their quoted rate, though the average top tier scenario is still most likely to be quoted 4.25%  for a Conforming, 30yr Fixed (best-execution).

Behind today’s move higher was a stronger-than-expected report on business conditions in the services sector.  The report in question is the ISM Non-Manufacturing Report on Business, and it’s the counterpart to the ISM Manufacturing report that pushed rates higher on Friday.