On the heels of what was an incredibly good week for mortgage rates, a key indicator of current rates closed up more than 15 basis points on the day.
Mortgage rates tend to move in tandem with the yield on the 10-year Treasury note.
Yesterday, the 10-year yield closed at 2.17 percent — about 60 BPS below where it started the month.
The strong Treasury market had the 30-year mortgage falling below 4 percent yesterday.
But a stampede of bulls on Wall Street today had investors dumping Treasuries and buying up stocks. The Dow Jones Industrial Average closed 423 points higher on Thursday — driving the yield on the 10-year Treasury up to 2.34 percent, according to data from the Department of the Treasury.
Today’s market activity has a zero-point, 30-year mortgage sitting at 4.125 percent today, according to the Marksman pricing engine.
The 15-year fixed-rate mortgage, meanwhile, is at 3.375 percent at par.
