A “For Sale” sign is seen outside a home in New York.
Shannon Stapleton | Reuters
The war-induced drop in U.S. mortgage rates was short-lived. Rates popped up again this week to the highest level in nearly two years.
The average rate on the popular 30-year fixed mortgage hit 4.19% and then fell to 3.90% once the Russian invasion of Ukraine began, according to Mortgage News Daily.
The crisis roiled global financial markets and sent investors to the relative safety of the bond market. Mortgage rates follow loosely the yield on the 10-year Treasury.
But as inflation concerns and expected policy changes from the Federal Reserve overrode everything else, bonds sold off and rates moved higher….