Mortgage rates have reversed course and reached a new high last seen seven years ago as the yield on the 10-year Treasury crossed the 3% threshold this week, according to Freddie Mac.
Mortgage rates were unchanged over the past week, but appear to be headed higher with a robust summer home sales season expected, according to Freddie Mac.
Fannie Mae increased its second-quarter mortgage origination projection by $7 billion as refinance volume is remaining stronger than previously expected.
Mortgage rates posted a slight increase this week following the Federal Open Markets Committee's decision to boost short-term rates by 25 basis points, according to Freddie Mac.
While regulatory relief legislation would raise the asset threshold for “systemically important” banks, Federal Reserve Chairman Jerome Powell said the central bank could still apply prudential scrutiny to banks below that new cutoff.
The 30-year fixed mortgage rate moved up for the seventh consecutive week with further increases possible as bond yields rise over concerns about higher inflation.
Powell, a former investment banker who has served as a Fed governor, was confirmed by the Senate last month to a four-year term as chair of the central bank.
