It was another rough day for the bond market and, therefore, for rates of interest. Investors strongly sold bonds in the very first 2 hours of trading, taking 10yr Treasury yields to the highest level in more than a year.
Mortgage-specific bonds have been doing better versus Treasuries in current months thanks to increased purchase need from Fannie Mae and Freddie Mac. All else equivalent, higher demand for mortgage bonds = lower rates, reasonably. In the present case, it suggests home loan rates have not gone up as much as Treasury yields over the past 6 months.
That said, rates have still certainly moved higher. Today’s top tier 30yr fixed rate is up to 6.75% for the average loan provider– the greatest considering that July 2025, and a massive 0.75% higher considering that before the Iran war started. This makes it the fastest rate spike seen because late 2024.