Mortgage rates have been on the rise since the start of the year, and the trend continued this week. On February 13, 2023, the average rate for a 30-year fixed-rate mortgage increased to 3.27%, up from 3.22% last week.
The increase in mortgage rates is a result of higher Treasury yields, which have been climbing since the start of the year. The 10-year Treasury yield, which is a key indicator of mortgage rates, rose to 1.45% this week, up from 1.41% last week.
The increase in mortgage rates could have an impact on the housing market, as it makes it more expensive to borrow money to buy a home. However, despite the higher rates, the housing market remains strong. Home prices have been rising steadily over the past year, and there is still strong demand for homes.
The higher rates could also have an impact on refinancing activity. Many homeowners have taken advantage of the low rates to refinance their mortgages and save money on their monthly payments. But with rates now on the rise, refinancing may not be as attractive.
It remains to be seen how mortgage rates will move in the coming weeks and months. But for now, it appears that rates are on the rise and could continue to climb in the near future.