Mortgage rates have taken off ever since lenders found out Wednesday night that they’ll be charged a new fee on most refinance loans.
Average rates on 30-year fixed-rate mortgages have skyrocketed and are above 3% for the first time in months, according to Mortgage News Daily.
“Mortgage lenders don’t like surprises, and they don’t like suddenly being forced to pay hundreds of millions of dollars they hadn’t budgeted for,” says Matthew Graham, MND’s chief operating officer. “When that happens, they are going to raise rates to offset the newfound losses. And that’s exactly what they did.”
But one of the nation’s largest mortgage lenders is offering a 30-year loan with rates as low as 1.999%, so deals are still out there. You just need to know how to find them.
What’s happened to mortgage rates?
It was just last week that 30-year mortgage rates dropped