What's good news for the U.S. economy is suddenly bad news for mortgage rates. A far-better-than-expected May employment report only added to a growing sell-off in the bond market, pushing bond yields to the highest level since March. Mortgage rates loosely follow the yield on the 10-year Treasury.
The average mortgage shopper may see rates on the 30-year fixed as much as a quarter point higher, said Matthew Graham, COO of Mortgage News Daily, which runs daily averages from lenders."It's going to be ugly," Graham said. "Today is the first time since the Covid-19 market reaction settled down in March that interest rates truly have a reason to panic. Until further notice, this looks like liftoff."What's good news for the U.S.
For those with top-tier credit and financials, they may only see an eighth of a point increase, but for those with lower scores and down payments, the jump could be as much as 0.375%. This is not, of course, the last word in a mortgage market that has been on a rate roller-coaster ride fueled by a massive spike in mortgage delinquencies, an initially confusing and risk-ridden government bailout, and an overstressed loan servicing system. The mortgage bailout has been clarified, with parts rewritten to help servicers, the number of borrowers in forbearance plans is shrinking and mortgage companies are on a massive hiring spree.
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