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Mortgage rates continue to rise

Recently I have been talking about the three things to watch for when predicting mortgage rates:

  1. Europe (PIIGS)
  2. Economy
  3. Fed policy

Well . . . get ready for the ride:  Last week the Fed opened the door for a tapering of QE3, and this week we saw some major improvements in the US economy.  As predicted, rates have shot up!  Lock ’em if you got ’em.

Here is a view of the 10-year.  As you can see, yields have shot up and continue to see upward pressure.

 

 

 

 

 

 

 

Here is a view of the Fannie Mae 3.5 coupon year to date.  As you can see, May has been a month when we saw the price drop to levels not seen since last year.

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