While mortgage rates have been rising lately – in tandem with climbing 10-Year Treasury yields – most housing experts think home sales will remain brisk this year as rates remain low by historical standards and inventory stays tight.
Middle class home in Midwest America. fell by 11% last week to their lowest level since December 2020, but were still 50% higher than a year ago. last week – up from $347,800 at this time last year. The severe weather in Texas led to a 40%-plus drop in both purchase and refinance applications last week in the Lone Star state.
Meanwhile, the 10-Year Treasury yield has almost tripled to 1.458% on Thursday from a low of 0.515% in early August.Joel Kan of Mortgage Bankers Association says rising mortgage rates – in tandem with climbing Treasury yields – indicates the market and public are increasingly optimistic about the likelihood of an economic recovery. Greg McBride, chief financial analyst at Bankrate.
Maria Fregosi, chief investment officer at Homepoint Financial, a wholesale mortgage lender based in Ann Arbor, Mich., says if mortgage rates continue to climb, companies that keep their mortgage servicing rights [a contractual agreement where the right to service an existing mortgage is sold by the original mortgage lender to another party] may benefit. “Typically, the mortgage servicing asset increases in value as rates go up, as fewer customers are looking to refinance,” she explains.
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