First, HousingWire was saying that...
Rates are higher, and sharply so, but let’s be clear here: even a seven percent mortgage, were we to start seeing it as the average, isn’t exactly a historically high mortgage rate. Rates are jumping in response to financial crisis, but we’re not staring at 15 percent mortgages any time soon. (Besides, the real villian in mortgage originations these days isn’t rates, it’s underwriting criteria.)
- emphasis added
Well, they haven't seen Wells Fargo today's quoted jumbo rates yet.
It's not 15% yet.
However, if things don't pick up anytime soon.. it'll probably get there before we know it..
..
Tracking the mortgage rates:
