For years, mortgage companies have been advertising that “mortgage rates are rising.” At last, they are actually right!
Today, the 30-year Treasury note yield rose 8.9 basis points continuing the bond market rout that began back in September 2017. The 10-year T-Note yield has risen from 2.039% on September 7th to 2.919% as of today.
Bankrate’s 30-year fixed-rate mortgage (FRM) rate was 3.68% on September 7, 2017 and stands at 4.32% as of yesterday. That is a 64 basis point jump in mortgage rates since September.
Higher inflation rates, higher Treasury yields. This is what we would expect as the US deregulates the economy and reduces Federal Reserves stimulus.
Deregulate, deregulate, DON’T dance to their music! Elizabeth Warren and Richard Cordray are singing a different tune: Regulate, regulate, dance to our music!
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