The 30-year fixed-rate mortgage averaged 6.65% in the week ending March 2, up from 6.5% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was 3.76%. Rates had been trending downward after hitting 7.08% in November, but are now climbing again, up about half a percentage point in a month.
Mortgage rates tend to track the yield on 10-year US Treasury bonds, which move based on a combination of anticipation about the Fed’s actions, what the Fed actually does and investors’ reactions. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. “Investors are expecting inflation to remain elevated for longer, requiring the Federal Reserve to keep increasing its policy rate,” said George Ratiu, Realtor.com senior economist.
Thanks, Biden’s handlers
we have serious inflation solution raise rates
The spill-over effects rising rates in the US are causing are far worse for developing economies!
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