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Reprieve Ends For US Homebuyers As Mortgage Rates Rise
A three-week rate reprieve for aspiring US homeowners just came to an end.
After flirting with a six-handle, the 30-year fixed rose for the first time in nearly a month on the MBA's index, Wednesday's update showed.
Rates were up four basis points to 7.05%. The index hasn't dipped below 7% since the first week of April.
Although nearly a full percentage point off the late-October peak, rates have proven more stubborn than many housing market aficionados expected in 2024.
Somewhat ironicall
At least the 30Y mortgage – 10Y Treasury spread has come in -50 bp (from nearly 300bp in 2022-2023 to about 250 bp now).