by Wolf Richter
Wolf Street
All that makes sense, but why are there still any cash-out refis when people could take cash out via HELOCs, without losing a 3% mortgage?
Mortgage rates continue to trudge higher from the abandoned Rate-Cut-Mania low. The average conforming 30-year fixed mortgage rate rose to 7.13% in the latest week, the highest since early December, according to the Mortgage Bankers Association today, as the 10-year Treasury yield has re-surged amid the Fed’s vigorous backpedaling on its December rate-cut visions after the presumed-vanquished inflation raised its ugly head again.
The MBA’s measure of the average 30-year fixed mortgage rate has risen 37 basis points from the Rate-Cut-Mania low of 6.76% in early January: