Afternoon Spike: Mortgage Rates Rise Despite Early Dip

Mortgage rates started lower but jumped higher in the afternoon due to fears and risks surrounding the global banking system. The Swiss National Bank provided a lifeline for troubled Credit Suisse, and several domestic banks pledged to backstop First Republic's deposits, leading to a reversal in financial markets. The average lender is back in line with Tuesday's levels, meaning 30yr fixed rates are moving back into the upper 6% territory for top tier scenarios. The headline cycle will determine the future of mortgage rates until next week's Fed announcement.