Mortgage rates are now at their highest levels in more than two years, and it’s presenting a challenge for potential home buyers. Rates have risen quickly throughout the past few weeks. According to weekly data from Freddie Mac, mortgage rates moved closer to 8% this week as the yield on the 10-year Treasury bond surpassed 5%.
The rapid rise in mortgage rates could create difficulties for potential home buyers, especially those who weren’t ready to take out a loan. It’s important for borrowers to remain aware of the changing rates and consider all the variables, such as fees and closing costs, when weighing their options.
Summary:
Mortgage rates reached their highest levels in more than two years this week, as the yield on the 10-year Treasury bond surpassed 5 %. According to weekly data from Freddie Mac, mortgage rates moved closer to 8 % in the same period. This rapid rise in mortgage rates presents difficulties for potential home buyers, who must take into account all the variables, such as fees and closing costs, when weighing their options. Important elements:
• High mortgage rates
• 10-year Treasury bond yield surpasses 5 %
• Homebuyers need to consider fees and closing costs when weighing options
You can read this full article at: https://www.housingwire.com/articles/weekly-mortgage-rates-soar-closer-to-8-freddie-mac/(subscription required)
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