Mortgage Rates Rise again
Author: Support Services, e-PRO
As Treasury bond yields continue to increase so do the average mortgage rates on a 30 year fixed rate mortgage. The rates rose this week to 4.81% from 4.80% last week, according to mortgage giant Freddie Mac.
The rates have continued to rise after hitting a low of 4.17 in November, which marked the lowest rate in 40 years!
As mortgage rates are closely tied to long term Treasury Bonds, when the investors began selling them off and shifting their funds back into stocks the yields were driven down.
Although the rates are still tempting to potential home buyers, the worry of job stability and continual dropping home prices, buyers are still remaining on the sidelines.
Mortgage rates can change significantly even on a given day due to their close relationship with the Treasury bonds.
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