A pedestrian walks by a Wells Fargo home mortgage office in San Francisco.
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If you’re in the market for a home and haven’t locked in a mortgage rate yet, that home just got more expensive.
The average rate on the popular 30-year mortgage hit 3.64% on Monday morning, after rising sharply last week, according to Mortgage News Daily. On Friday, the rate was 3.5%, and last Monday it was 3.29%.
The real jump happened midweek, when the Federal Reserve announced it would offload mortgage-backed bonds from its balance sheet sooner than expected. Bond yields also rose on news that the coronavirus omicron variant could spike and then quickly moderate, and with symptoms…
Source cnbc.com