You’ve no doubt noticed that mortgage rates have been on the rise. This has been the trend over the past 30 days.  We shouldn’t be surprised. The 10-year U.S. Treasury note yields 2% these days. That’s a yield it hasn’t offered in nearly two months. As the 10-year note goes, so go mortgage rates.

The good news is that conventional 30-year fixed-rate quotes are still mostly below 4%. As long as the economy continues to grow and businesses continue to create new jobs, we don’t see rising rates derailing housing’s multi-year upward trajectory.

But again, rates have been rising. We wouldn’t be surprised if they continue to rise.

Given recent upward trends in stock and commodity prices, along with a general sense the global economy is less likely to enter a recession, mortgages rates could easily move higher. What’s more, odds favor the Federal Reserve raising the federal funds rate again sooner than later. A month ago, traders in fed funds rate futures contracts were pricing a 30% chance of another rate hike in December. Today, they’re pricing for a 41% chance of another hike by June.

To be sure, trader sentiment can wax and wane with market sentiment. But it’s looking more likely that higher, not lower, mortgage rates reside in our future.

Information provided by Jessica Regan.

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