Mortgage Rates Jump Quickly to 2-Week Highs

On Wednesday, mortgage rates were at their best levels in more than 3 weeks. But after 2 days of relatively abrupt weakness, rates quickly found themselves at the highest levels in 2 weeks. Adding to the frustration is the absence of any single, obvious motivation for the weakness. At first glance, one might assume it had to do with the Senate's tax bill announcement. After all, this dominated the week's news headlines. But a closer look suggests the tax news may actually have helped rates fight off a push toward higher rates that began in Europe earlier that morning. US rates were unable to put up the same fight on Friday, resulting in the sharpest losses of the week, and a return to 4.0% mortgage rates on top tier scenarios. Next week brings key inflation data in the form of the Consumer

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