Steve Tytler

If you are a mortgage loan originator, the rapid spike in mortgage interest rates over the past month should be a wake-up call.

Take a look at this chart showing BankRate.com’s 30-year-fixed mortgage index over the past month:

Yikes!

Sure, mortgage rates have come back down over the past couple of days but keep this in perspective.

Look at the BankRate.com 30-year-fixed mortgage index over the past year:

We are now basically back to where we were in December, before the second leg of the big mortgage rate drop kicked in.

How long will it take for the 30-year-fixed mortgage index to get back into the 6′s where we were Last October and November before the first leg of the rate drop around thanksgiving?

Who knows?

The mortgage market has been anything but stable this decade.

Here’s the BankRate.com 30-year-fixed mortgage index over the past 5 years:

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