"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."