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Mortgage Rates Surge Past 7% Amid Economic Rebound
The Business Guardian
|February 07, 2024
The The average rate on the popular 30-year fixed mortgage crossed over 7% on Monday for the first time since December, hitting 7.04%, according to Mortgage News Daily.
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It comes after the rate took the sharpest jump in more than a year Friday, after the January employment report came in much higher than expected.
Rates then moved up even more Monday after a monthly manufacturing report came in high as well.
Mortgage rates have been on a wild ride since the summer, briefly crossing to a 20-year high of 8% in October. Rates then fell sharply, as investors saw more and more evidence that the Federal Reserve would end its latest phase of interest rate increases.
Mortgage rates do not follow the Fed directly, but they follow loosely the yield on the 10-year Treasury, which is heavily influenced by the central bank's impression of the economy at any given time.
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