When interest rate goes up, mortgage rates usually go up within a week to ten days later
"Whenever you see the interest rate that the treasury department has to pay to borrow money, whenever that goes up, usually you can expect mortgage rates to go up within a week to ten days later." said NC State economist, Mike Walden on concerns over inflation are driving the jump in interest rates.
If you are on the market for a home, mortgage rates are on the rise.
“Two years ago rates were approximately one percent lower on the 30-year fixed [rate], “ said Marcus Martin with Equity Services Mortgage. “That would translate to about $115 more per month for a $170,000 loan."