Name: Mortgage rates surge higher as COVID-19 vaccines and stimulus roll out
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Mortgage rates surge higher as COVID-19 vaccines and stimulus roll out

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Mortgage rates moved sharply higher this week, erasing weeksof declines and putting more pressure on Americans to move hastily to lock incheap financing. The 30-year fixed-rate mortgage averaged 2.79% for the week ending Jan. 14, up 14 basis points&nbsp;from , Freddie Mac&nbsp;. A year ago, the 30-year fixed-rate mortgage averaged 3.65%.The 15-year fixed-rate mortgage, meanwhile, only increasedseven basis points to an average of 2.23%. The 5-year Treasury-indexed hybridadjustable-rate mortgage averaged 3.12%, up 37 basis points from the weekprior. “As Treasury yields have risen, it is putting pressure onmortgage rates to move up,” Sam Khater, Freddie Mac’s chief economist, said inthe report. Historically, mortgage rates roughly follow the direction oflong-term bond yields, including the yield on the 10-year Treasury. Throughoutthe pandemic, that relationship weakened from time to time, largely due tocapacity restraints within the mortgage industry. Over the past week, the 10-year Treasury of daily increases in yield since 2017. Yields have risen as investors expect President-elect Joe Biden and a Democrat-controlled Congress to pass additional stimulus amid the COVID-19 pandemic. “The economy is currently still weak, but the incoming administration with the support of Congress seems likely to issue sizable additional stimulus, which will help offset ongoing virus-related income and spending disruption,” said Danielle Hale, the chief economist at Realtor.com. “Additionally, vaccines and the recently approved stimulus continue to roll out, giving consumers and investors a reason to expect brighter things to come in this new year.” But a “prolonged upward spike is far from inevitable,” warned Matthew Speakman, an economist with ZillowMany have thus far for being too slow, and concerns remain about whether the government’s stockpile will be sufficient in the long run. Any major hiccups in lawmakers’ efforts to speed up thecountry’s recovery from the pandemic could send rates lower once again.Grohl's approach to saving moneySearchVisit a quote page and your recently viewed tickers will be displayed here.Search TickersNo results found

Mortgage rates moved sharply higher this week, erasing weeksof declines and putting more pressure on Americans to move hastily to lock incheap financing. The 30-year fixed-rate mortgage averaged 2.79% for the week ending Jan. 14, up 14 basis points&nbsp;from , Freddie Mac&nbsp;. A year ago, the 30-year fixed-rate mortgage averaged 3.65%.The 15-year fixed-rate mortgage, meanwhile, only increasedseven basis points to an average of 2.23%. The 5-year Treasury-indexed hybridadjustable-rate mortgage averaged 3.12%, up 37 basis points from the weekprior. “As Treasury yields have risen, it is...

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Jacob Passy

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Mortgage rates surge higher as COVID-19 vaccines and stimulus roll out

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