Buy your dream home NOW before the rates go up again! Call me at 214-909-8008 to schedule your home tour. Mortgage rates poised to jolt up again July 7, 2013, 3:07 PM With the government reporting surprisingly good jobs news on Friday, the 10-year Treasury yield posted a large jump, signaling that mortgage rates may see yet another jolt higher in coming days. The 10-year Treasury yield rose almost one-quarter of a percentage point to 2.74% on Friday. The last time there was a similar-sized jump up was in August 2011. Weekly mortgage rates, which trend in the same direction as Treasury yields, recently pulled back. But given Friday’s yield surge, this Thursday’s weekly mortgage-rate report from federally controlled mortgage buyer Freddie Mac could show a large gain. The average rate on the 30-year fixed rate mortgage hit a trough of 3.35% in early May, according to Freddie Mac FMCC . Since then, the rate has increased almost one full percentage point, though levels remain relatively low. Rising mortgage rates will make home-buying more expensive, and some buyers will have to scale back purchase plans. Goldman Sachs analysts estimated that recent mortgage-rate gains mean that for a median-priced single-family home, which costs about $200,000, borrowers who put down 20% face an increase of about $100 in their monthly mortgage payments. Mortgage News Daily, which closely tracks the market, described Friday as “among the worst days in mortgage rate history,” and said some lenders’ rates rose as high as 4.875%. –Ruth Mantell
Posted on: Mon, 08 Jul 2013 01:43:54 +0000
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