The sideways trend stopped quickly last week and rates spiked higher to an average of 5.850% on the 30yr fixed as of this morning.

We are at the worst levels in the rate market since late 2008 and have seen the quickest spike in rates since 1978.

Encourage your clients to avoid paying points or “buying down a rate” as they will have a very good chance to refinance in the next 12-24 months as rates drop.

See full article attached here.

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