Mortgage Rates Surge Toward 8
Mortgage News Daily • • business
Key Points:
- Mortgage rates have risen to an average top-tier 30-year fixed rate of 6.62%, matching levels last seen in late March and marking the highest since August 1st.
- The increase in mortgage rates follows a spike in bond yields, which surged after the Trump/Xi meeting in China concluded without clear signs of progress toward peace.
- Despite rising Treasury yields, mortgage rates have been somewhat contained due to increased purchases of mortgage-backed securities by Fannie Mae and Freddie Mac.
- This intervention by Fannie and Freddie has helped keep mortgage rates lower relative to U.S. Treasury benchmarks, preventing rates from climbing above current levels.