Mortgage rates have soared in the past month, but market participants appeared to take a wait-and-see approach this week as they contemplate further price increases for home loans.
After a weekend of crazy headlines and a stock sell-off on Monday morning, bond yields are close to hitting 4% again, but mortgage rates are back under 6% once again, which is the multiyear low in recent history.
While many expect the Federal Reserve to cut interest rates at its September meeting, mortgage professionals caution that even if it happens, it won’t significantly impact the industry.