The mortgage industry has seen increased activity this spring, particularly in the yield of 10-year Treasury notes, which has risen significantly. This has driven mortgage rates to near 7%, a significant jump from earlier this year but still historically low.
The jump in mortgage rates comes at a key time of year for the industry, as spring is the peak season for home sales. The uptick could entice more buyers to action than previously expected, as wealthier borrowers who can easily afford the increase and those with short-term investments hopes may be motivated to purchase.
Important Elements:
• 10-year yield rose – Mortgage rates near 7%
• Spring selling season – Peak season for home sales
• Uptick could entice more buyers – wealthier borrowers, short-term investments hopes
You can read this full article at: https://www.housingwire.com/articles/housing-market-tracker-a-wild-week-for-rates/(subscription required)
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