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Why Are Mortgage Rates So High?
Inflation has come down from more than 9% to a more reasonable 3.2%: chart Bond yields are now much higher than they were in the 2010s but 4.25% on the benchmark 10 year Treasury is still not high from a historical perspective: chart It’s actually right at the average since 1990. If you had armed me with this information 12 months ago I would have assumed mortgage rates would be lower, probably somewhere around 6%. I would have been wrong. According to Mortgage New Daily, the 30 year fixed rate mortgage hit 7.5% this week: table With the 10 year at 4.2% and inflation at 3.2%, mortgage rates should be ... (full story)