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Borrowing costs have soared as bond yields have risen, even as the Federal Reserve has sopped up hundreds of billions of dollars in bonds to keep rates low and stimulate the housing market.
The average 30-year fixed mortgage rate jumped 0.32 percentage point in the June 5 week to 5.57 percent. That was nearly a full point above the record low rate of 4.61 percent in March, the trade group said.
The vast majority of mortgage activity this year has been from homeowners cutting costs with new loans at rock-bottom rates.
Mortgage lenders see fluctuating average mortgage rates and they also notice the the 10 year treasury yield has been in an uptrend for months. I am not saying that the lenders are going to try to screw you out of money, but they are not stupid. They realize that mortgage rate trends may be reversing and that we could see rates in excess of 6% soon. The fact that inflation is a possiblity has also played a part in this artificial mortgage rates market. The last time we saw huge inflation, mortgage rates went to 17%. I seriously doubt that will happen again, but it sure is on peoples minds.
Overall, unless you are extremely saving and know exactly how to play the mortgage market, rates bouncing around is not going to help you save money. It may actually cause you to lose money as the housing market continues to fall with the uncertainity of average mortgage rates.
Home Equity
mortgage rates
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