Mortgage rates continued to increase this week as treasury yields have risen. The 10-year treasury note crossed the 4% threshold, increasing the likelihood and urgency of homeowners needing to refinance their current mortgages. This rise in rates is being attributed to a number of economic factors, resulting in Americans feeling the pinch and need to act fast.
The recent closures of state economies, combined with the worldwide economic uncertainty caused by COVID-19, have had a direct effect on 10-year treasury yields. Rising prices of commodities, such as oil, are also leading to an increase in the number of global investors seeking a safe haven, further driving up treasury yields.
The most important elements of this text include:
• 10-year Treasury yield crossing 4% threshold: treasury yields have risen, increasing the necessity of needing to refinance mortgages.
• Closures of state economies from COVID-19: the uncertainty caused by COVID-19 has had a direct effect on 10-year treasury yields.
• Rising prices of commodities: Oil prices increases have also led to a number of global investors looking for a safe haven, driving up the treasury yields.
You can read this full article at: https://www.housingwire.com/articles/mortgage-rates-tilt-towards-7-as-the-10-year-treasury-yield-jumps/(subscription required)
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