How Do Interest Rates Work & Why Are They So High Right Now?
Seriously. What's going on with mortgage rates? Going in to 2022, mortgage rates were around 3%. In the past year they've hovered around 7%.
These page covers:
- What's Happening Now
- Why Rates Initially Spiked
- How to use past data to understand expectations moving forward
Excerpt from post at
"Mortgage rates have not been cool over the past year. An underrated element of this though is that rates are actually worse than they should be. In the mortgage world, BondMarketBoys™ look to the 10 Year Treasury as a gauge for what mortgage rates should be. Going back 40 years, the historical spread between the 10 Year Treasury and 30 Year Fixed Mortgage averages between 1.75% and 2.00%. In 2022 that spread has widened to near all-time highs, hitting 3.00%. Even with inflation moderating late in the year and mortgage rates slowly coming down, that high spread remains. So…what gives?..." (To view this whole blog post with infographics, click here:
https://mortgagereels.com/2023/10/13/mortgage-rates-are-up-more-than-they-should-be-what-gives/
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