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I haven't seen carnage like this since Rob and Fab's career.

In the past 14 days, mortgage prices have given up close to 70 basis points.  Rates are up by as much as one-half percent.

There are a lot of reasons for the rapid spike in mortgage rates so pick your favorite two or three from the list below.  Amaze your friends at parties.

• Mortgage bond prices have moved below their 200-day moving average and program trading is adding to the sell-side pressure
• The dollar is off against almost every major currency
• Oil refineries are cutting supply, pushing gas prices higher
• Fears of wage inflation are supported by strong jobs data
• Forecasters are predicting an active Hurricane Season this year.  Milli Vanilli may have been right after all.
• Richmond Fed President Lacker says that the Fed may not be doing enough to stop inflation
• Central banks around the world are raising their respective interest rates, attracting buyers that may have otherwise bought US-dollar denominated securities such as mortgage bonds

Despite all of this, there may be chance that mortgage bonds are oversold.  This means that there could be a quick bounce/retreat in rates sometime soon, but there's no sense gambling on it. 

Get in and get locked, folks.  Floating a rate is too risky a proposition for most homeowners.

Dan Green is an active loan officer. Email or call 513-443-2020. Dan is on Twitter at @mortgagereports.