Mortgage rates are slipping after a rapid rise
Mortgage rates have been slipping after a rapid rise over the past several weeks. Rates have been rising due to a combination of factors including increasing optimism about the economic recovery, higher Treasury yields, and the expectation that inflation could pick up over the coming months. However, as the labor market has yet to see any significant improvement, rates have been coming down as investors become more cautious about the outlook. For now, average 30-year fixed rates are hovering near 3.2%, slightly down from their peak last week and still historically low.