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Mortgage rates rise sharply after three weeks of easing

Mortgage rates rise sharply after three weeks of easing

Mortgage rates spiked this week after falling for the previous three weeks.

According to Mortgage News Daily, the 30-year fixed rate hit 5.36 percent on Monday and then rose to 5.47 percent on Tuesday. Global market volatility Bond yields increased on Monday. Mortgage rates are based on the yield on a 10-year US Treasury bill.

Last week, the average rate on the popular 30-year fixed credit was 5.25 percent. Last week, the average rate on the popular 30-year fixed credit was 5.25 percent. The rate was at a three-week high of 5.67 percent, but it plummeted as the stock market sank and bond yields declined.

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The increase on Tuesday was most likely attributable to data from the US Manufacturing Index.

On the site, Matthew Graham, COO of Mortgage News Daily, stated, “The improvement in the manufacturing index shows the economy isn’t slamming on the brakes very soon.”

Mortgage rates have slapped the brakes on the red-hot housing market in recent weeks, as they are significantly higher than they were at the start of the year. Realtors are reporting reduced sales, and demand for mortgages to buy a home is also declining.

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Despite the fact that home sales and mortgage demand are declining, home prices continue to rise rapidly. Prices normally follow sales by six months, but today’s market fundamentals – tremendous demand and relatively limited supply – are keeping prices high.

“It’s just unavoidable that home price appreciation will slow down in the coming months,” Lawrence Yun, chief economist of the National Association of Realtors, said on Dailion’s Power Lunch Monday.

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