Benchmark mortgage rate is below 3 percent behind

After falling 16 basis points (0.16 percentage points) in the last two weeks, the average interest rate on a 30-year benchmark mortgage has fallen back to 2.98 percent, which is 14 basis points above its mark at the same time last year, but within 33 basis points of its all-time low this January (and up from a 30-year average of closer to 6 percent).

Given that US inflation has just hit a 30-year high, there is increasing pressure on the Fed to hike rates sooner rather than later, and the yield on 10-year US Treasuries, which are 30 years old, is mounting. Annual mortgage rates rose 12 basis points yesterday after the latest mortgage rate survey was conducted.

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