{"id":4203,"date":"2023-05-28T16:16:15","date_gmt":"2023-05-28T16:16:15","guid":{"rendered":"https:\/\/frankbuysphilly.com\/housing-market-tracker-mortgage-rates-over-7\/"},"modified":"2023-05-28T16:16:15","modified_gmt":"2023-05-28T16:16:15","slug":"housing-market-tracker-mortgage-rates-over-7","status":"publish","type":"post","link":"https:\/\/frankbuysphilly.com\/housing-market-tracker-mortgage-rates-over-7\/","title":{"rendered":"Housing Market Tracker: Mortgage rates over 7%"},"content":{"rendered":"
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Debt-ceiling drama pushed bond yields up last week, taking mortgage rates<\/a> to a new 2023 high in the middle of the spring home-selling season. Active housing inventory<\/a>, thankfully, saw some decent growth last week. Purchase application data<\/a> had a second straight week of declines.\u00a0<\/p>\n Here\u2019s a quick rundown of the last week:<\/strong><\/p>\n The White House and Republicans announced a tentative deal<\/a> on the debt ceiling on Saturday,\u00a0 putting an end to the drama we\u2019ve all had to deal with for the past two weeks. <\/p>\n And on Wall Street, many traders were short the bond market, meaning that a lot of speculative trades were made betting that bond yields would quickly go higher. These two factors sent bond yields shooting up.\u00a0<\/p>\n Of course, this sent mortgage rates to the yearly high of 7.12%<\/strong> last week, which is the second time this year that mortgage rates have made a 1% move higher from the bottom!\u00a0<\/p>\n Mortgage rates have been very volatile \u2014 even though the 10-year yield hasn\u2019t reached a new high in 2023, mortgage rates have. Since the banking crisis started, the mortgage market has gotten increasingly stressed<\/a>, and the recent debt ceiling issues didn\u2019t help. As you can see below, this last move higher in bond yields was very sharp.<\/p>\n\n
The 10-year yield and mortgage rates<\/strong><\/h2>\n