Good morning Beyond members!
I do not like to push mortgage rates as a #1 feature! However, I do understand how important rates are to choosing a mortgage solution.
For those that are in the process of securing rates, looking to purchase, refinance, renew within the next 6 months... please note that rates are on the RISE AGAIN!
In particular the fixed rates have experienced approx. 20bps to 60bps points increase over the past 2 weeks. Meaning, 5 year rates have increased from 2.79% to 2.99%-3.39%!
Since Friday June 21, the Bond Yields have increased by another 15-20bps... meaning that more rate increases are coming... some lenders increasing to 3.49% and 3.54%.
When do fixed rates adjust? ...If the increase in bond yield continues to go up, the spread will continue to shrink and this could be a trigger for interest rates to rise. The comfort zone is between 1.90% and 2.10% from current rates which is approximately 3.39%.
NOTE: Current spread is approximately 1.5% meaning rates should rise.
Click 5 Year Bond Yields to review potential changes in mortgage rates... or contact us if you have questions.