Rates Pushing Important Boundary; Distress Sales Slow; Record Multi-Family Spending
Mortgage rates continued farther into to the highest levels since early February today. The current territory is important in the bigger picture, as it has historically acted as a line in the sand between the lowest rate range and everything else. This refers to conventional 30yr fixed mortgage rates between 3.375% and 3.625%. The analogous 10yr Treasury yield would be 1.84% and below. With that in mind, 10yr Treasury yields ended the day at 1.84% and today's most prevalent conventional 30yr fixed rate quote is right on the edge of a move back up to 3.75% after a stable run at 3.625%. The longer term rate considerations are coming to a head right as we approach the biggest events on this, the biggest week of the month. Friday's jobs report is the most important event on the calendar, but markets
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