Mortgage News You Can Use

Mortgage rates are tied to the trading of mortgage backed securities or MBS which are pools of mortgages. However, since May 21st the 10 year bond yield has shot up from about 3.3% to 3.9% and 30 year fixed mortgage rates rose similarly during this same time period. Today is an auction of 10 year Treasury notes. Demand, if weak will cause mortgage rates to rise again today. Last Wednesday a 30 year mortgage was available at 5.0% for credit worthy borrowers. Today the rate is almost a full point higher. Always consult a trusted mortgage advisor when purchasing or refinancing a home.