Last week mortgage rates inched up and the bond market was seen grappling with a stronger economy. This movement of mortgage rates comes as the Federal Open Market Committee (FOMC) is set to convene in the coming weeks.

The mortgage rates are determined by the bond market, which sets the benchmark rate for loans. The bond market’s prices and yields are closely tied to economic performance, so with the U.S. economy showing signs of sustained progress, long-term rates have been pushed up. It’s possible that these higher rates may extend into the near future.

Key Points:
• Mortgage rates inched up last week
• Bond market closely tied to economic performance
• US economy showing signs of sustained progress
• Long-term rates pushed up
• Rates may extend into the near future due to FOMC meeting

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