The more relevant mortgage rates

The more relevant benchmark for 30-year mortgage rates is the 10-year Treasury yield, which has jumped above 4.6 percent. (They were below 1 percent during the depths of the pandemic.) If you’re shopping for a mortgage, keep in mind that 7.55 percent is just an average — some lenders advertise below-average rates on Bankrate. Many borrowers have been sidelined by the recent rise in rates. Inflation, the economy and Fed policy will remain the main factors driving mortgage rates in the coming months. Market players will keep an eye on the Oct. 6 jobs report and the Oct. 13 inflation reading. “If the data reveals that inflation remains elevated and employment is still growing, then mortgage rates are likely to move up and we can look for what we hope to be the last rate hike of this cycle,” says Melissa Cohn, regional vice president of William Raveis Mortgage.