What happened with mortgage rates today?
Today, mortgage rates are slightly higher compared to yesterday. This means that if you were planning to lock in a rate for a new mortgage or refinance, you may end up paying a bit more in interest.
Why did mortgage rates go up?
There are several factors that can cause mortgage rates to rise, including:
- Changes in the overall economy, such as inflation or job growth
- Movements in the bond market, as mortgage rates are closely tied to the yields on Treasury bonds
- Market expectations for the future, such as the Federal Reserve raising interest rates
Should I wait to lock in my rate?
It’s always a good idea to keep an eye on mortgage rates if you’re in the market for a new loan or looking to refinance. While rates are slightly higher today, they could go back down tomorrow. Consider speaking with a mortgage broker or lender to get their advice on when the best time is to lock in your rate.
How can I track mortgage rates?
There are several ways to stay informed about mortgage rates:
- Check financial news websites or apps for daily updates
- Sign up for rate alerts from mortgage lenders or brokers
- Follow the movements of the bond market, as this can give you an indication of where mortgage rates are headed
Conclusion
While mortgage rates are a bit higher today, it’s important to keep in mind that they are still historically low. If you’re in the market for a new loan or looking to refinance, it’s a good idea to stay informed and be ready to act when the time is right to lock in your rate.
