What a difference a few weeks make. The yield on the 10-year Treasury was close to 3.3% today and although mortgages are not pegged to the bond, everyone knows that if the 10-year rises in yield, usually mortgage rates follow in tandem. One New Jersey loan officer we talked to had this to say about the rate spike: "I had two borrowers withdraw. The one-half point increase doesn't make it worth their while, in their minds." Stay tuned. Maybe the rate spike is just a blip. But if not, watch out below…
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