The Market Has Moved-Rates Went Up
The US markets were at the lowest point of 2012 at the opening today in regards to mortgage backed securities. To give you a clear perspective below is a graph that reflects the FNMA 30Yr 3.5 coupon:
What does this mean?
Many rates are back up to where they were in December of 2011. The initial thought is that the rates will slowly come back down a bit but it will be gradual each day.
If you have been working toward that 30YR fixed rate below 4% you may be in a holding pattern to see if the rates recover.
Here is a look at what Zillow is showing on the their rate graph (the spike is BIG):