Both rates moved up this week, with the 30-year mortgage on the cusp of hitting the 3% mark. The 30-year fixed rate mortgage increased 13 basis points to 2.96% while the 15-year fixed rate mortgage moved up 9 basis points to 2.43%.
Last week began a massive sell-off in Treasuries, which is not surprising all things considered. Lower case counts, increased distribution of vaccines, and greater-than-expected company earnings reports all created an environment more conducive to riskier stock market investing than safe bond buying. After the long weekend, yields hit levels unseen since February 2020, putting the10-year treasury note at 1.28%. While there is a possibility yields will bounce in the opposite direction if this trend continues, there is no guarantee this will be the case.