Bill’s Commentary:
“The 10 year Treasury has risen 1 full percentage point since the Fed began cutting rates 1 full percentage point. This has not happened before and suggests the Fed is in the process of losing control of the yield curve. If the Treasury rig is up, so will life as we knew it…”
Report: Mortgage Rates Surpass 7% For First Time Since May
According to a new report, mortgage rates increased this week, going above 7% ━ adding more pressure to the housing market.
Freddie Mac’s latest Primary Mortgage Market Survey, released on Thursday, showed that the average rate on the benchmark 30-year fixed mortgage jumped to 7.04%, which is up from last week’s 6.93%. The average rate on a 30-year loan was 6.60% a year ago.
The latest jump comes after 10-year Treasury yields, which mirror mortgage rates, rose faster. New economic data released this week pointed to an increase in inflation and more job openings, which complicates the Fed’s rate-cutting path.
BillHolter.com 
Thank you pamelamoves@gmail.com
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