Stock Roller Coaster – Mortgage Rates Holding So Far
Well, the CPI came out today and the stock market did another tuck and roll. A few things moving up but for the most part a down day. The 10 Year Treasury broke 2% and the 2 Year is over 1.5%. 10 Year is higher than it has been since 2019.
So with news like that you would assume mortgage rates would be up and off the charts right now. Amazingly, we aren’t seeing a big move in rates. However, they are up over a half point since early January and that’s before the Fed did a single rate hike. Not sure what the first rate raise in March is going to do to mortgage rates. I wouldn’t be surprised if they shot up, but since we are already pricing in the raise, rates may not move. We will know soon enough.