30-Year Mortgage Rate Rises to 7.45%

The average 30-year fixed US mortgage rate increased by 19 basis points to 7.45% on Thursday, as reported by Mortgage News Daily. This rise follows a broader selloff in US government bonds, with the 10-year Treasury yield closing at 5.18%, up from 4.96% earlier in the week. The 30-year mortgage rate had previously dropped to 5.99% in late February but began to rise due to factors including Federal Reserve commentary, higher oil prices, and stronger economic data. Mortgage News Daily COO Matthew Graham noted the lack of a clear catalyst for the recent bond selloff, stating that sellers decided to sell significantly without an obvious reason. The Kobeissi Letter attributed the bond rout to inflation, citing Brent crude prices above 105 dollars per barrel and record diesel prices. In the crypto market, higher Treasury yields increase the opportunity cost of holding Bitcoin (BTC). Following strong US business activity data, Bitcoin fell below 84000 dollars but rebounded slightly to 84590 dollars by Friday. Altcoins also saw gains, with Solana (SOL) up 2.2% and XRP (XRP) up 3.4%.

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