Mortgage rates hit well over 3 percent at the end of February only to drop again slightly as of the first of this month, causing a lot of questioning. These have been the highest rates since June 2020. The benchmark 10-year Treasury Yield also tipped above 1.5 at 1.6 percent only to dip as well back down to 1.44 percent.
What’s happening? There’s been an acceleration in the bond market, which has been on the rise since August 2020. As a result, we see it expand into the mortgage markets causing rates to rise. Remember, these rates are still low by historic standards. They will continue to boost buying power and it is a sign of a strong economy.
If you have any questions about your local market, contact us!
This article is intended to be accurate, but the information is not guaranteed. Please reach out to us directly if you have any specific real estate or mortgage questions or would like help from a local professional. The article was written by Sparkling Marketing, Inc. with information from resources like Redfin, CNBC, and MortgageNewsDaily.com