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It can be hard to find sanity after a blood bath like yesterday, which is dog-piled on top of a tough 2 weeks for interest rates.  Especially, now that taking all the coupons into account, it is now apparent that today was the worst single intra-day for MBS’s since they’ve been tracked.

But look at the “big picture”, which I found myself reminding un-locked home buyers and their agents of today:  –that it does help to see visually.  Below are the fixed rate mortgages every 12 months during MY LIFETIME as captured at the end of each year.  With this past November to December being the all time best, (the black dot I marked below), and today being the purple dot I marked…    doesn’t seem so bad.  Particularly when

Mortgage rates continued to inch higher this week, Freddie Mac reports in its weekly mortgage market survey. 

"Fixed-rates moved up for the third consecutive week, with the average 30-year fixed-rate mortgage about a quarter-percentage point higher than three weeks ago,” says Frank Nothaft, Freddie Mac’s chief economist. “While this may slow some of the refinance momentum, rates are nonetheless low and home-buyer affordability high, which should further aid home sales and construction in coming weeks.”

The rates are also lower today than they were a year ago at this time. Freddie Mac reports the following national averages with mortgages rates for the week ending May 23: 

• 30-year fixed-rate