Mortgage rates remained at 9-month highs today, with most lenders in worse shape than yesterday.  In the morning, the sky hadn't yet fallen, the average lender was right in line with yesterday's 9-month highs, but at least we weren't any worse off than yesterday.  Things changed in the afternoon as bond markets weakened abruptly.  Many lenders issued negative reprices, thus leaving the average lender noticeably higher than yesterday.

Today's weakness makes this the worst week for rates since late June and one of only 3 weeks with as much of a rate spike since 2016. For the third day in a row, I'm repeating the same mantra: any time we're pushing long-term highs, it's a good idea to remain defensive in terms of locking vs floating.  The saving grace is that long-term highs typically precede extended periods of positivity for rates.  It's just a matter of figuring out if these long term highs are high enough to rebalance the scales in the bond market.