The rise in mortgage interest rates appears to have stopped for at least the time being. From Tuesday to Friday, key Treasury yields declined by nine basis points, so the worst is over for now. It's not uncommon to see a period of reassessment after such a runup has occurred, and perhaps that's where we are at the moment. The days ahead should be telling, but if a typical summer pattern is taking hold, we may remain at or near these levels for the forseeable future. If you are interested in our take on the road just ahead, you should check out our new two-month forecast.
Given the pullback in upward pressure, we're of the mind that rates should slip back a little from these levels, at least early next week. The hard rout in Treasuries will probably produce a more cautious and twitchy bond market for a while, but as underlying fundamentals for inflation and such seem steady, mortgage rates should tick back a little. Call it a three basis point decline in the average next week.
Spokane Mortgage - Spokane, WA
Rainmaker
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42,571
Jeff Schraeder
Discover what others have, no one works harder to get you your dream house. Our experienced staff is here to work with you to develop your loan application quickly, accurately, and honestly to make the strongest case for you. Then we shop our network of wholesale lenders to find the loan program that fits you best.
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