Have rates gone up?

Question

In recent weeks my mortgage rate quotes have gone up from 4.375 to 5 for a conventional 30 year 20% down mortgage in Memphis, Tennessee. Have rates really gone up? The two that I am speaking to say they have gone up. Can anyone refer lenders in Memphis, Tennessee if you know anyone that may have lower rates? This skews up my financials on an investment property.

Douglas Skipworth · Answer

Here's a link to what's happening with mortgage rates since they are based on the 10-year treasuries.  Clearly, the election results caught the market by surprise, which is why the rates have increased so dramatically over the past 10 days.  Hopefully (for us borrowers), things will level out sooner rather than later.

Matt H. · Answer

All, have a look at the 10 year bond since Trump got elected.

James Wachob · Answer

@AJ Singh I am always one to admit that I'm wrong!

from my lender this morning: 5 has been achievable at 20% down for the whole amount above 70000. I've seen a few getting to 5.125 when your getting below $60,000 loan amount

Russell Brazil · Answer

Rates are up about 2/3 of a percent since the election. The sell off of us treasury bonds is what is driving rates upward, and there does not seem to be an event to slow the sell off. I anticipate that sometime next week we will likely get to 1 full point above what we saw pre-election.

The good news is you can short the bond market to make a few bucks off of rising interest rates.

James Wachob · Answer

I just closed 5 loans this week at 4.375%, for my clients. Rates have not gone to 5% that I have seen.

Have rates gone up?

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