The Mortgage Banker Association (MBA) reports that mortgage rates hit their highest level since September 2013, though they still remain historically attractive. The MBA reports that the 30-year fixed-rate mortgage jumped 7 basis points in the latest week to 4.73% with an average 0.49 point. The MBAs refinance index fell 0.3% in the latest week while the purchase index was unchanged.
U.S. Stocks are lower today as rising yields conjure up higher borrowing costs for companies to fund new projects or to pay down debt. The closely watched 10-year Treasury yield has risen to 3% this week, up from 2.75% last week. Investors have been selling safe-haven assets, such as Treasury Notes and Bonds along with Mortgage Backed Securities. As Bond prices decline, rates tend to move higher, as they have an inverse relationship.
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