According to the mortgage news daily, the average rate on the popular 30-year fixed hostage rose 13.1%on Friday to 7.1%. This is the highest rate from mid -February.
The hostage rates have been on a roller coaster ride throughout the week, as bond yields are in the middle of high levels when new tariffs became effective on dozens of countries of President Donald Trump. When Trump reduced the tariff rate in most countries, yields decreased. Tariffs on Chinese imports, however, are currently at 145%.
But Bond started selling again on Friday, despite a cooler-to-additional inflation report. The mortgage rates follow the yield on a lax 10 -year treasury.
Matthew Graham, Chief Operating Officer of Morgase Daily, said, “There are some bad weeks for the career of most people living to read these words, but until your career started before 1981, you lived through the worst week, until you saw in the context of jumping in 10 years of yields,” Mathu Graham said, said, said.
Graham said that there are two ways to see from where the bonds are trading today: “It is either the end of the weeks for 10 years since 1981 or the correct average at the end of the two weeks with a trend of the previous 18 months.”
On Friday, another monthly report on consumer spirit decreased significantly. Expectation of inflation increased from 5% in March to 6.7% in April, the highest level since 1981.
All this comes to the center of the right spring housing market. For most consumers, a house is their largest investment.
“Forget about housing in this environment, with mortgage rates, consumers are definitely concerned about the job market, the housing will also be on the weak side,” said Nancy Lazar, the chief global economist of Piper Sandler on CNBC’s “The Exchange” on Friday.
