Rates moved up over the last five days. By now, the 30-year fixed rate mortgage is 23 basis points higher at 5.48% while the 15-year is 10 basis points higher at 4.82%.
Higher rates of U.S. bond issuance plus tension in the European bond markets brought down prices, leading to increased bond yields. This gave mortgage rates the excuse they needed to find a new ceiling. As a result, rates are more than an eighth of a percent higher than where they were on Friday. Meanwhile, research from Black Knight reveals a “chronic shortage” of homes despite what last month’s new home sales data would have you believe. 16% of metro areas have a market condition rating (MCR) of “hot” and an astounding 80% are very near to it.